Whales Fill Up On Bitcoin While Broader Market Panics

Bitcoin has recorded multiple dips in recent weeks that have pushed its price below $60,000. The slump came as a result of sell-offs from investors who believe that the asset has reached its peak. Panic had spread like wildfire, triggering even more sell-offs but not everyone gave in. Whales have always been known to gobble up the bitcoins that small-time investors unload during periods of panic and this time has proven to be no different. While the broader market panic sold their holdings, bitcoin whales took advantage of the opportunity to pad up their holdings, snapping up billions in the digital asset during the dip. Related Reading | Reddit User Calls Out KuCoin Over ≈$50,000 Stuck On Exchange Whales Load Up On Bitcoin Data analytics firm Santiment recently published a report showing whale activity during the recent dip. In the report, the firm notes that while the sell-off was taking place, whales had significantly increased their holdings. These whale wallets containing 100 to 10,000 BTC took full advantage of the panic in the market and picked up about 59,000 BTC last week. 🐳 If you've been waiting for #Bitcoin whales to show signs of accumulation, our data indicates it's happening once again. In the past week, a total 59k $BTC has been added to addresses that hold between 100 to 10k $BTC. This is 0.29% of the total supply. https://t.co/xbZms4GtKm pic.twitter.com/eeRrnrISRM — Santiment (@santimentfe...