Retail traders are presently taking advantage of this market despite sharp cries from the community for a reversal in fortune. With Bitcoin already trading under $30,000 as of writing, they are using the opportunity to stack up their confines. This new phenomenon has seen the amount of leading digital asset increase on exchanges. In putting it into perspective, more than $1.16 billion of BTC moving to exchanges recently.
Retail traders move 40,000 BTC to exchanges
As per a recent update by IntoTheBlock, Bitcoin traders whose wallet details show that the retailer traders have been stacking up their wallets since MAY 8. These wallets have not held the digital asset past the 30 days mark yet and are still actively purchasing. Notably, May 8 signaled a massive downturn for the entire market after a UST decline spurred the momentum.
However, the analysis firm has noted that although most of these retail traders lose when they sell, their balance has increased to 1.78 million in the past week. Bitcoin has been battling severe volatility issues in the last few months but succumbed to a Terra-led market fall to trade at $26,000 from a massive $39,000. However, the price has steadied over the last few weeks, going above $30,000 before falling slightly under the price.
Major players are also purchasing BTC
UST suffered a massive decline in fortunes after a massive withdrawal triggered a depegging of the stablecoin from its peg. Several sources have blamed the withdrawal of $500 million by Anchor protocol which led to other series of withdrawals on Curve for the fall. With the stablecoin being run on an algorithmic system, more LUNA was being produced as its value continued to drop. The massive decline of the token triggered a market-wide crash, pushing some assets into two-digit losses. IntoTheBlock points at a massive deposit of 40,000 BTC on exchanges even as the selling pressure persists across the market.
Going by the firm’s report, retail traders have been able to lend a helping hand to the token after purchases have stabilized it above $29,000 for a while. Meanwhile, IntoTheBlock positioned that the dip was also bought by major players such as El Salvador and Tron DAO, purchasing millions worth of the asset each. However, most retail traders have continued to hold a bullish stance despite the glaring decimation of the token’s price. Prominent analysts have also predicted a massive rise in the price of the assets, with volatility expected to drop drastically in the coming months.
