The market is in chaos today as Bitcoin experienced another double-digit drop. Just a week ago, Bitcoin was trading at $8,700 — it is now trading at around $7,100. For the first time since May 2019, the market capitalization of the entire cryptocurrency market is under $200B. According to the Crypto Greed & Fear Index, the current sentiment is one of ‘Extreme Fear.’

The state of the cryptocurrency market is, to put it mildly, not good.

However, Bitcoin whales are looking at this market eagerly and possibly see that this as a time for further accumulation. One such whale has just moved $89M worth of BTC, despite the market carnage. The recipient’s address was to an external wallet.

12,000 #BTC (89,006,435 USD) transferred from Coincheck to unknown wallet

Tx: https://t.co/g8Hfd0i6qb

— Whale Alert (@whale_alert) November 22, 2019

This withdrawal may be yet another example of how ‘smart money’ plays these moments of market chaos. It’s the same story again and again. After all, some say that investing is ultimately the transfer of money from the impatient to the patient — and the whales are potentially being patient, yet again.

Let’s not forget that the market has experienced these levels of fear before. As BeInCrypto reported in August, the fear levels hit an all-time low of ‘5’ on the Greed & Fear Index. These are just market cycles that tend to repeat and, if you have been around in the market long enough, it becomes more and more clear.

12,000 BTC has just exited the market, which means that there’s 12,000 BTC less on the liquidity books.

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