Bitcoin whales accumulate over $1.6 billion worth of BTC tokens within 48 hours as the ongoing market downturn presents a “buy-the-dip” opportunity.
Market analyst Ali Martinez called attention to this accumulation spree in a recent post on X. Citing data from market intelligence resource Santiment, Martinez revealed that these whale addresses have procured 30,000 BTC tokens valued at $1.62 billion within this timeframe.
The market watcher spotlighted Bitcoin’s exchange outflows, which have witnessed a dramatic surge in recent times. Data from CryptoQuant confirms this trend. Notably, earlier last month, exchange outflows spiked to 131,907 BTC. This marked the largest figure since March 1.
However, the outflows witnessed a drastic drop as July progressed, spilling into the month of August. Meanwhile, a recovery occurred amid the ongoing market crash. Exchanges recorded a whooping 89,378 BTC outflow on August 5 alone as BTC dropped to $54K. Today, exchange outflows have totaled 33,788 BTC so far.
In addition, the Bitcoin exchange reserve has continued to collapse as a result of the increased outflows. The share of Bitcoin’s supply on exchanges has depleted to a current figure of 2.687 million, the lowest in years. This trend confirms the ongoing whale accumulation trend.
Bitcoin Whales Accumulate while Smaller Investors Sell
Interestingly, a recent report from IntoTheBlock further lends credence to this pattern. The on-chain analytical resource disclosed in a post today that large investors holding between 1,000 and 10,000 BTC tokens have been buying the dip amid Bitcoin’s recent collapse.
This cohort of addresses have persistently augmented their bags since Aug. 1, now holding 4.79 million BTC. However, in an interesting twist, smaller addresses with less than 1 BTC have continued to sell off their tokens. This contrast in investor behavior is typical during market downturns.
However, most analysts regard it as bullish. Notably, the pattern shows that less convicted investors are leaving the market, giving more convicted ones an opportunity to scoop up their holdings. With the more resolute HODLers dominant in the market, the bulls can receive enough strength for a rebound.
Veteran trader Peter Brandt has already projected this imminent rebound. Per a previous report from The Crypto Basic, Brandt forecasted a forthcoming “pump” that could push BTC above its recent all-time high. The market veteran expects a price surge above $92K. Bitcoin recently trades for $56,188 at press time, up 3.3% in the last 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
