Crypto

July 1, 2022

Whales Still Buying

Despite the bear market in crypto, the big players are unfazed. In our last Litepaper, we discussed Microstrategy ($MSTR) CEO Michael Saylor buying more Bitcoin near the $20,000 value area. And he isn’t alone. 

El Salvador’s president, Nayib Bukele, stated his nation bought 80 more Bitcoin. He Tweeted last night:

On-chain analytics service intotheblock shows that Bitcoin out-flows from exchanges continue.

The highlighted zones show the black line (price) decreasing while the blue (outflow volume) moves higher.

Another on-chain analytics service, Santiment, confirms similar behavior with Ethereum ($ETH.X).

Crypto leaving exchanges is viewed as bullish because it often means people or institutions are hodling it because they believe it will grow in value. 🤑

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