Whales bought large amounts of Bitcoin (BTC) last week, according to Chainalysis’ report.
According to blockchain analytics firm Chainalysis, big investors made more purchases taking advantage of Bitcoin’s price drop last week. In the latest market intelligence report, Chainalysis chief economist Philip Gradwell wrote that “investor whales” bought 77,000 Bitcoins last week. This figure is now worth just over $ 3 billion. These figures are based on Chainalysis tracking data on the chain.
Returning to Average Purchase Prices
According to the report, the Bitcoin price returned to last year’s average purchase price. Gradwell noted that the average purchase price was $37,800. The economist said that historically, prices for both Bitcoin and Ethereum often reverted to this cost price, typically providing a base outside of the crypto winter of 2018.
For ETH, the average purchase price last year was $ 1700, a price it didn’t return during this collapse. The price of ETH, which is currently around $ 2800, is $ 1130 higher than this level.