TL; DR Breakdown
- Bitcoin whales are buying the dip
- Medium holders are still hodling
- BTC is recovering
Bitcoin whales aren’t scared of the current FUD surrounding the top crypto’s immediate future, and they’ll pull no stops to keep their stash intact. That’s according to a report by Santiment, an analytics entity that outputs information about various cryptocurrencies.
Whales still accumulating
Not only are the whales keeping their earlier stash, they’re also in the accumulation business. They have identified this period to be a prime opportunity to accumulate more BTC especially now that the price seems to be struggling to break the $40k resistance. According to reports by Santiment, holders of wallets containing over 1,000 BTC are buying more to add to their already big stash.
On June 18th, BTC’s price dropped to around $35k, prompting the ready whales to buy the dip. Besides the big whales, medium BTC holders have also decided to stay put. Not so much for the small holders. It appears that holders of Bitcoin wallets with less than 10 BTC are selling fast. They seem to have bought into the FUD.
Bitcoin on recovery path
One interesting fact about the crypto market, as has been widely publicized, is that the shaky hands always end up losing when they sell in a hurry during a dip. Those who buy during the dip, mostly the whales and new entrants, position themselves to reap the profits when the price spikes and those who sold early get enticed again and start buying back.
The Bitcoin market is one that mostly adheres to the market forces. When demand rises, price follows suit. In that sense, the frenzied buy of the dip by the whales might have contributed to Bitcoin’s price recovery. BTC is currently trading at a little over $36k, having recovered from the lows of below $35k just a day ago.
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