Bitcoin climbed back above $96,000 into Thanksgiving, but who actually bought during the dip?
When short-term investors started offloading Bitcoin during the recent market dip, whales saw an opportunity and acted swiftly. According to CryptoQuant’s analysis, nearly $4 billion in Bitcoin losses hit exchanges as panic selling took over. While many were offloading their holdings, institutional investors stepped in to scoop up large amounts of Bitcoin.
On Tuesday, whale reserves grew by almost 16,000 BTC, a figure that climbed even further yesterday. This accumulation, worth nearly $1.5 billion, reflects on-chain activity tied to institutional addresses. However, not all of these coins have been withdrawn yet; some still sit in exchange accounts linked to large players.
Interestingly, while whales have been actively accumulating, this activity hasn’t translated into a broader buying trend just yet. Retail investors and other institutional players haven’t jumped in at the same scale to buy the dip. For now, this buying is heavily concentrated among larger players.
If Bitcoin is to push toward a new all-time high, we’ll likely need more consistent spot buying from both retail and institutional investors. Until then, it seems the whales are taking full advantage of the current market conditions.
What’s your take? Are the whales setting the stage for the next move, or are retail buyers holding out for a clearer signal?
At the time of writing, Bitcoin is trading at $96,406 according to CoinMarketCap data. Keep following us at HowToBuyBitcoin.org for the latest news and developments on Bitcoin.