Bitcoin, which started to recover after the moderate statements of FED Chairman Powell and rose to $65,000, experienced a sudden drop at night, bringing an atmosphere of panic to the market.
While panic prevailed among some investors, some investors have already started buying the dip.
At this point, Coinglass X shared on his account that someone on the Coinbase exchange bought the big drop.
Apart from Coinglass, ScopeScan also reported that a whale who was successful in buying the dip withdrew $31 million worth of the stablecoin to repurchase the recent dip.
Despite the recent market decline, a whale withdrew $31 million worth of stablecoins from decentralized lending protocol Aave and deposited them on the Bybit exchange, according to blockchain analytics firm ScopeScan.
This whale had previously made similar moves to buy the dip on May 3 and August 8.
Despite of the recent price drop, a #whale withdrew $31M of stable coins from @aave and deposited to #Bybit .
This #whale did the same on May 03 and Aug 08 to buy the dip.
address: https://t.co/9eRxJU3CFX
Follow @ScopeProtocol and @0xScopescan for more updates. pic.twitter.com/PbGl4U6gZd
— Scopescan (@0xScopescan) August 28, 2024
The decline is short-lived!
Analysts at Singapore-based cryptocurrency firm QCP Capital commented on the recent decline as whales bought the dip.
Analysts said that factors such as Powell signaling a rate cut in September and the market pricing in 4 cuts in 2024, despite only 3 meetings remaining, are bullish, and that they believe any decline in stocks, Bitcoin and cryptocurrencies will be short-lived.
“We believe any decline in stocks and cryptocurrencies will be short-lived.
With Powell and the Fed ready to kick off a rate cut cycle, increased liquidity will eventually push risk assets like Bitcoin higher.
“And we are finally on the verge of a rate cut cycle. The market is currently pricing in four cuts in 2024, even though there are only three meetings left.”
Bitcoin continues to trade at $59,760 at the time of writing.
*This is not investment advice.
