Despite the recent crypto market’s volatility, Bitcoin whales have been taking advantage of price dips and accumulating $BTC. As per data shared by Santiment, an on-chain crypto intelligence platform, Bitcoin whales with wallet holdings of 100 to 1000 $BTC have been accumulating $BTC. These wallets have roughly added 94,700 more $BTC to their holdings during the last 6 weeks.
Bitcoin's whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU
— Santiment (@santimentfeed) August 19, 2024
Bitcoin Accumulations Show Whales’ Confidence In $BTC Long-Term Potential
Although $BTC is trading below $60K and experiencing high volatility, stakeholders still believe in the long-term potential of Bitcoin. If we look at today’s Fear & Greed Index, we shall come to know that the crypto market is indicating Fear. While, a few traders are selling their $BTC holdings to avoid major losses, at the same time whales are considering this time to be a perfect time to accumulate $BTC.
Crypto whales believe in the long-term potential of Bitcoin and are quite confident the $BTC shall break exponentially and touch new all-time highs (ATH). Considering such confidence, $BTC whales are accumulating maximum Bitcoins to their $BTC holdings amid the time of high price volatility. Past 6 months, these whales have roughly accumulated 94.7K $BTC.
How Do Smaller Traders and Whales React to Market Uncertainty?
During times of uncertainty or market downturn, many smaller traders become the victim of price fluctuations and start selling their holdings to avoid a major loss. Most of the time, they exit the crypto market by releasing their holdings, but on the other, whales find it the best opportunity to add assets to their existing holdings. Particularly, Bitcoin whales start buying $BTC regardless of selling pressure and yield the maximum profits during the bull run.
