Bitcoin Whales Keep Buying More BTC Despite Elon Musk’s Comments

Bitcoin Whales Keep Buying More BTC Despite Elon Musk’s Comments


Despite Elon Musk’s anti-Bitcoin tweets, whales continue to buy more of the flagship cryptocurrency by adding approximately $2 billion in BTC amid the recent price fluctuations.

Whales Continue Purchasing More Bitcoin

On June 4, Tesla’s CEO takes on tweeting about Bitcoin with a broken heart emoji, signifying his breakup with the leading cryptocurrency. Following his tweet, the price of the flagship cryptocurrency went down yet again, but not for too long.

This shows that Bitcoin whales do not seem to care about the cryptocurrency despite Musk’s tweets as they continue purchasing significant portions of the asset. In fact, large Bitcoin traders bought more of the cryptocurrency following Musk’s latest tweet.

For instance, data from the analytics company Santiment suggests that large BTC addresses have been unfazed by Musk’s role in the cryptocurrency market.

In fact, they have only intensified their purchase by recently adding 50,000 BTC to their wallets, representing almost $2 billion.

#Bitcoin continues to range in the $37k to $39k range, but whales are accumulating behind the scenes. Addresses with 100 to 10k $BTC have added 50,000 total $BTC to their wallets, or ~$1.95bn. Read our quick take on what this means!

— Santiment (@santimentfeed) June 4, 2021

Apart from whales purchasing more Bitcoin, recent data indicate that long-term holders and miners refuse to sell their portion of BTC.

Elon Musk Seems to Have No Effect on the Crypto Anymore

Despite Elon Musk posting a meme of a couple breaking up with a Linkin Park song lyrics with a broken heart emoji while tagging #Bitcoin, BTC is going to have strong support from current holders and the new BTC owners as indicated by data from the IntoTheBlock analytics team.

Following the recent Musk tweet, #Bitcoin is currently retesting the $36,000 level again.

The IOMAP reveals that 622k addresses had previously bought approximately 570K $BTC at a price of around $35,6k. There is expected to be strong support from new buyers and current holders.

— IntoTheBlock (@intotheblock) June 4, 2021

Following the Tesla CEO’s latest tweet causing the price of the cryptocurrency to drop down by more than 3%, falling from the 39,000 level to the $36,500 zone, some new 622,000 wallets (investors) bought 570,000 BTC at an average price of $35,600.

This indicates that both new and old investors continue to invest in the world’s leading cryptocurrency despite Musk’s comments about it.

On the other hand, data from Glassnode indicates that long-term holders have been buying more BTC, while short-term ones have been dropping.

More #Bitcoin supply moving from the impatient to the patient.

— Yann & Jan (@Negentropic_) June 4, 2021


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