During the market drop on May 19, holders of Bitcoin addresses with balances from 10,000 to 100,000 BTC increased their positions by 122,588 BTC. Anthony Pompliano, co-founder of Morgan Creek Digital, came to this conclusion on the basis of Glassnode data.
The whale activity was most visible in the United States. The expert pointed to a $3,000 premium on Coinbase relative to other crypto exchanges during the rebound.
Pompliano provided data on flows on OTC platforms used by institutional clients. They reflected a sharp uptick in inflows.
The Morgan Creek Digital head did not rule out the formation of a short squeeze given persistent negative funding rates on the Bitcoin perpetual market.
Asked by Bloomberg, major crypto funds MVPQ Capital, ByteTree Asset Management and Three Arrows Capital confirmed Pompliano’s hypothesis about purchases amid the market’s sharp drawdown.
“Every time we see a mass liquidation, it’s a chance to buy”, said Kyle Davis, co-founder of Three Arrows Capital.
Earlier, famed American investor Bill Miller did not see reason for concern about the current decline in Bitcoin’s price.
In a new report acknowledged cryptocurrencies as an asset class a year after suggesting the opposite.
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