Whale Behavior in the Market Downturn
Bitcoin has been having a rough time lately, with its price dipping below $60,000 at one point. But what are the “whales” doing amid this market panic?
Large Holders: The Giants of Bitcoin
IntoTheBlock, a market intelligence platform, has shed light on the behavior of Bitcoin’s largest investors, known as “Large Holders.” These whales hold at least 0.1% of the total Bitcoin supply, which currently translates to about $1.25 billion worth of BTC.
To track their activity, IntoTheBlock uses the “Large Holders Netflow” metric, which measures the net amount of BTC flowing in or out of their wallets.
Recent Whale Behavior
During March, the Large Holders Netflow showed positive spikes, indicating that these whales were accumulating Bitcoin. However, since then, the metric has remained near neutral, suggesting neither significant accumulation nor distribution.
Whales Buying the Dip
Despite the recent price drop, whales have been actively buying at these lower levels. The combined balance held by this group has been steadily increasing.
While the Large Holders have not been selling significant amounts, the whales’ buying activity suggests a neutral to slightly bullish outlook for Bitcoin.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $63,400, down 10% over the past week.
