Bitcoin failed to soar above the $10,000 resistance that was set but took a bearish turn to register a price below the new $9,500 resistance figure.
Due to the recent Bitcoin price crash, crypto whales worldwide have been frantically making efforts to accumulate more of the digital asset pending when it will register a new surge.
Crypto analysis website, Saintment released data to corroborate the claim when the reports showed that wallets with more than 100 Bitcoins have been on the rise.
Whales make big buy as Bitcoin price crashes
The data further showed proof that Bitcoin whales made purchases of about 12,000 Bitcoins, which is worth about $108 million as at press time exchange rates.
Whales are known entities across the crypto industry that hold Bitcoin, which is worth as much as $1 billion.
Most small scale investors are always conversant with the number of Bitcoin in their wallets before they venture into the crypto market. If whales are increasingly accumulating the asset, a price surge is imminent.
Crypto whales way of thinking
Saintment noted in their report that the whales are starting to think like the everyday traders because their wallet movements are showing signs that they are planning on accumulating and offloading before a short-term gain.
This kind of behavior was last seen on March 12, the day Bitcoin saw its price slash to half from around $7,500 to stay at $4,300.
As the days progressed after the “Black Thursday,” the price further dipped to the $3,500 region, presenting a perfect buying opportunity for the whales.
After the price topped a little bit, their wallet balance was reading figures around the $500 million mark. As the price continued to surge, so did the balance in their wallet, not after a small downtrend.
The development showed that whales are not willing to go below their expected buying range whenever a dip occurs with the recent downtrend catching their attention.
If bitcoin price crash trends from previous months are anything to go by, the newly accumulated $108 million worth of Bitcoin that the whales bought will not be able to pull it in a bullish direction.
Whales are taking little risks, hoping to maximize their profit amid the Coronavirus pandemic that is tearing the global economy apart.