The price drop that occurred earlier this week has mobilized many investors, especially as whale activity has reached its highest levels in recent months. According to Onchain data, whales continue to accumulate.

On August 5 and 6, Bitcoin whale transactions reached their highest level since April during a major crypto market crash. On August 8, blockchain data analysis platform Santiment noted that wallets holding between 10 and 1,000 Bitcoins were rapidly accumulating in the crash that caused Bitcoin’s price to drop below $50,000.

According to Santiment’s data, during these two days, there were 28,319 Bitcoin transactions worth more than $100,000 and 5,738 transactions worth more than $1 million. Bitcoin lost about 18% on August 5, falling from just above $60,000 to below $50,000. However, it made a slight recovery to $57,000 due to post-drop buying.

Experts reported on August 7 that Bitcoin whales have accumulated around $23 billion worth of assets in the past 30 days, with this activity peaking during the market crash. CryptoQuant founder and CEO Ki Young Ju explained that more than 400,000 Bitcoins have been moved to permanent owner addresses since the beginning of July, indicating an accumulation process. He also noted that whales who have held Bitcoin for more than three years sold their holdings to new whales between March and June, but there is currently no significant selling pressure from old whales.

In terms of details, a few days before the big drop, on August 3, whales reportedly pulled Bitcoin from exchanges at the highest rate in nine years. It was reported to be the largest outflow of Bitcoin since 2015. However, the same is not true for investors in US-based spot Bitcoin exchange-traded funds, which saw a total outflow of $554 million between August 2 and 6, according to Farside Investors. Market research firm 10x Research shared the following statements on August 8:

“The lack of ETF buyers during this downturn is concerning and raises questions about the direction of the market.”

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