The Bitcoin whales have so far shown indications that they no longer care about Elon Musk’s comments about Bitcoin. The group continues to collect most of the crypto each time a major crash occurs. It is reported that a number of ‘wallet’ owners have increased their holdings by about $ 2 billion since the market began to decline.
The whale group refers to those who have Bitcoin holdings of between 100 and 10,000 bitcoins. Based on data from analytical company Santiment that they are not swayed by Elon Musk’s comments.
Bitcoin Whales Behavior vs Bitcoin Price. Source: Santiment
Based on the chart, the whale group generates a number of profits when the BTC hits the $ 65,000 price level and makes purchases during the price fall especially when it drops at $ 30,000.
In addition to whales, market players and long -term BTC miners are reluctant to sell BTC. The $ 37,000 price level is often the target of this group and previously the BTC price has risen to $ 39,000.
Based on past data, Musk’s controversial tweet this morning that has caused BTC to lose about $ 3,000 in a day will likely prompt them to make a purchase.
The role of Musk has been widely discussed inside and outside the crypto market space. Still, the majority believe that the market will mature only when the market stops being associated with Musk.
