Despite the ongoing market downturn, large investors are seizing the opportunity to accumulate Bitcoin.
Whale Accumulation
According to Santiment, investors holding over 10 BTC have increased their holdings by 1.07% in the past six months. This translates to over 5,000 BTC added to their wallets.
Buying on Dips
Notably, these whales have been buying more whenever the Bitcoin price has crashed. For instance, they increased their purchases during the May price drop and are currently doing the same below $60,000.
Stablecoin Holdings Support Accumulation
The decline in USDT and USDC holdings among large wallets suggests that they are converting these stablecoins into Bitcoin. This indicates their willingness to buy at current low prices in anticipation of a price recovery.
Potential Support
If this buying continues, it could provide much-needed support for Bitcoin at $60,000, increasing the likelihood of a price increase in the future.
