The Block: Whales continue to buy bitcoins

While the crypto-investor greed index reaches levels of “extreme fear” and Bitcoin fell below $ 10,000 for the fourth time since the start of the current rally, whales continue to buy. The Block analyst Larry Chermak draws attention to this, referring to information from the Coinbase cryptocurrency exchange.

According to the data presented, two-thirds of Coinbase’s major customers continued to accumulate cryptocurrency over the past 24 hours.

“This is curious: according to Coinbase, 67% of customers with large amounts of bitcoins (top 10%) buy, but not sell cryptocurrency in the last 24 hours,” he writes.

Also, according to Coinbase, 88% of XRP holders, belonging to the 10% largest, bought cryptocurrency in the past 24 hours, while its rate experienced a 15% collapse and returned to levels that the market has not seen since 2017 rally.

“You can call me“ Mr. Cracker, ”but it is,” writes Chermak.

The ability to track the actions of the largest cryptocurrency holders on its Coinbase platform was implemented in mid-July.

By the time of publication, Bitcoin managed to recover slightly from its local minimum. Now the leading cryptocurrency is trading around $ 10,000 after it dropped to $ 9,500 in the morning.