Bitcoin Whales Quietly At It Again As Investors Wait For Bottom

At a time when a majority of Bitcoin traders are at a standstill anticipating a bottom, the big Bitcoin whales are quietly accumulating at cheap prices. As Bitcoin prices fell steeply in the last three months, the crypto market witnessed a massive selloff activity.

Contrasting Strategies Of Small Investors Vs Whales

On-chain data indicates that a bulk of the small and average investors are playing the waiting game as prices continue to show volatility. A large chunk of traders have not left the crypto market and are just waiting for the Bitcoin bottom, data revealed.

As many as $25 billion worth of stablecoins are currently lying in crypto exchanges. This means traders who have liquidated are waiting for the right buying opportunity as volatility is at play.

In sharp contrast, the big Bitcoin whales appear to be aggressively accumulating Bitcoin at cheap prices. A crypto enthusiast who goes by the name Doctor Profit on Twitter revealed data showing this activity. The big whales cumulatively own a staggering 45.6% of the total Bitcoin supply, it is said. He tweeted,

“Whales with 1000 Bitcoin or more are adding to their balance aggressively, acquiring 140k BTC per month directly from exchanges. Whales now own 8.69M $BTC (45.6% of total supply). It is buy cycle for whales and big IQ, and sell season for low IQs.”

Bitcoin Price Movement Not Encouraging

Meanwhile, Bitcoin’s price movement in the last few months does not pose an encouraging trend to small and average traders. In the last three months, Bitcoin fell by as much as 60% from the range of around $46,000.

As of writing, Bitcoin is trading at $19,267.83, up 0.20% in the last 24 hours, according to CoinMarketCap. In comparison with its last week prices, Bitcoin lost as much as 9.23% in value. On Friday, Bitcoin went to a 24 hour low of $18,729, furthering fears of a deeper bottom in the cycle.