The leading cryptocurrency Bitcoin, retreated to the $ 60,000 band, turning the cryptocurrency market red. However, the bullish trend of the metrics has mobilized BTC whales. Taking advantage of the price drop, the whales followed a strategy of increasing their assets.

Bitcoin Whale Back on Stage

The giant Bitcoin whale returned to the game at the level of $ 60,000, making an important move. The third-largest Bitcoin whale address has increased its holdings by 207 BTC, according to on-chain tracking sources on Nov. Despite falling over 8% in the last 24 hours, the biggest investors continue to buy Bitcoin.

bitcoin-1

The whale, which is currently the third largest address with a BTC balance of 193433.46915660, bought $12.84 million worth of Bitcoin at a price of 62,053. While sharing data about the recorded event, crypto journalist Colin Wu noted:

As of now, this whale has increased its holdings by buying 635 BTC in November. Also, the whale's current profit is $4,632,109,617.37.

This type of whale behavior is common during bull runs when considering blockchain data covering previous cycle peaks. “Whales and big players hedge their funds by shorting large amounts of BTC they buy from the bottom, often by transferring their assets to derivatives exchanges,” a participant from on-chain analytics firm CryptoQuant said on Tuesday.

Important Data

However, according to the data seen in the metrics, investors who took long positions as of this month started to reduce their BTC holdings net. The event known as the distribution has historically equated to the insatiable phase of bullish price action as witnessed from November last year. However, heavy buyer volume at $62,000 was insufficient to prevent testing of lower levels on Tuesday, contrary to Whalemap's expectations, which tracks whale activity.