Large investors bought bitcoin for $3 billion during the price collapse

According to Chainalysis analytical company, 77k bitcoins were purchased when the first cryptocurrency dropped to $30k

Photo by Frank Busch on Unsplash

Large investors took advantage of the fall in bitcoin quotations to $30k, which occurred on May 19, to buy digital coins, according to Chainalysis, service for tracking cryptotransactions. According to its data, “whales” bought 77k bitcoins worth just over $3 billion during the collapse of the crypto market.

Julian Emanuel, the managing director of BTIG financial company, also spoke about big players buying bitcoin during its “drawdown” last week. The same information the cryptocurrency broker Genesis Global Trading started sending out to its clients after the drop in quotations — the company indicated that large investment funds started buying bitcoin after its price fell below $35k.

After bitcoin dropped to $30k, the largest outflow of digital coins from cryptocurrency exchanges over the past year was recorded. More than 175 thousand bitcoins worth about $7 billion at the current exchange rate were withdrawn from the sites in 24 hours.

As of May 27, the major cryptocurrency is trading at $40,000.