As per research, whales are behaving likewise to the 2017 bull market as Bitcoin price action takes a quick break.
Bitcoin (BTC) whales have restored in the game, and around $60,000, demonstrating classic bull market behaviour.
On November 16, the third-largest Bitcoin whale address elevated its holdings by 207 BTC, as per on-chain monitoring resources.
Whales purchase the dip
Even after an 8% decrease in the last 24 hours, Bitcoin continues to remain a decent buy for its biggest investors.
At $62,053 per Bitcoin, one address, now the third-largest with a balance of 193,433.46915660 BTC, added the equivalent of $12.84 million to its balance.
"As of now, this address has increased its holdings by 635 BTC in November," commented journalist Colin Wu on the event.
This type of whale behaviour is usual during bull runs, as proven by blockchain data from previous cycle peaks.
"Whales and big players, in my opinion, usually hedge their Bitcoins by transferring to derivatives exchanges and taking short positions when they buy a huge amount of BTC at price bottoms," one contributor to fellow on-chain analytics firm CryptoQuant described on Tuesday.
“This pattern is obvious during the last bull run (2017) when the All Exchanges To Derivative Exchanges indicator peaked many times and the price experienced a jump after each time. Right now, during the Bullrun, the metric has peaked four times indicating whales are buying and hedging their coins continuously.”
According to the above post, this is a "long-term bullish sign" for price action.
Bitcoin's price action remains conventional
Long-term holders, according to reports, have started net minimising their BTC holdings as of this month.
The phenomenon is known as "distribution" has historically supported the most ravenous phase of bullish price action, as seen starting in November last year.
In the meantime, heavy buyer volume at $62,000 was insufficient to avoid a retest of lower levels on Tuesday, in contrast to the expectations from Whalemap, a committed tool for observing whale activity.