After almost US$4 billion in Bitcoin losses were sent to exchanges by short-term investors, whales are taking advantage of panic selling to accumulate.
On Tuesday, almost 16,000 BTC entered whale reserves, a number that continued to increase yesterday, corresponding to almost US$1.5 billion in on-chain accumulation.
Note that this number is what was reflected in institutional addresses on the network, but there are probably many coins that have not yet been withdrawn and are in the accounts of these players on exchanges.
For now, this spot buying volume has not yet been sufficient to demonstrate a more widespread "buy-the-dip" pattern, remaining heavily concentrated among institutional players.
We will need a larger spot buying volume between retail and institutions to achieve a new ATH.
Written by caueconomy
