Bitcoin whales have used the recent price dump as an opportunity to accumulate more BTC according to on-chain data. This came as the cryptocurrency dumped below $29,000 following substantial sell-offs from large players.
BTC whales represent large wallets that contain between 100 and 10,000 bitcoins, and their role in the market is crucial. According to a recent report, such addresses had bought more than 90,000 coins in less than a month, and they were holding roughly half of all BTC in circulation.
Keeping in mind the millions of lost coins, whales’ actions generally have an immediate impact on the market. And, this was the case last week when the Whale Capitulation Index turned negative, showing that they have started to dispose of their assets.
At the time, BTC dabbled with the $40,000 price line, but it quickly dipped further south. This correction culminated yesterday as the cryptocurrency fell to its lowest price line in nearly half a year of $28,500.