Altcoin News: “Whales” Buying Bitcoins Against the Backdrop of a Depreciation

August 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

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 Cermak 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.

“Interestingly, according to Coinbase’s data, 67% of customers with large BTC holdings (top 10%) are buying rather than selling in the last 24 hours,” Cermak writes.

In addition, according to Coinbase, 88% of XRP holders, belonging to the 10% largest, also 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.

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

Author: Marko Vidrih

Images credit: Coinbase