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Data Shows Bitcoin Whales Keep Buying as BTC Drops

Amy Liu

Summary: New market data shows that whale addresses are currently accumulating bitcoin during the coin’s sudden correction to little over $30,000. Bitcoin prices fell more than 23% on Monday following BTC’s surge to an all-time high close to $42,000 over the weekend. However, whale addresses have displayed accumulation behavior, indicating large investors are buying the current ...

New market data shows that whale addresses are currently accumulating bitcoin during the coin’s sudden correction to little over $30,000. Bitcoin prices fell more than 23% on Monday following BTC’s surge to an all-time high close to $42,000 over the weekend. However, whale addresses have displayed accumulation behavior, indicating large investors are buying the current dip. According to data compiled by independent crypto researcher Elias Simos, wallet addresses with more than 1,000 BTC have continued to grow despite the sudden downturn in valuation. Simos concluded that whales were “gobbling” up bitcoin during a panic sell generated by retail investors. 

By Amy Liu

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