Bitcoin Whales Buy The Dip As Miners Continue To Selloff Stash

btc drop

According to charts compiled and released by crypto analysts Glassnode and CryptoQuant, Bitcoin whales have acquired a rather substantial amount of BTC in recent times.

Big Bitcoin proponents and institutions are obtaining the leading cryptocurrency from small-scale holders who are currently selling off their smaller stockpiles.

Chinese crypto correspondent Colin Wu who majorly focuses on blockchain, cryptocurrency, and the digital marketplace revealed that Bitcoin miners had liquidated approximately 60 BTC about six times within the past month.

Miners Sell Holdings as Whales Buy

On weekly charts, Bitcoin price has suffered a downswing of more than 9% as its unsteady decline over the week nears a three-month low. In the early hours of today Bitcoin broke past the $30000 support, a price analysts had expected would be a stable point.

As Bitcoin trades at $29,766 at press time, chart data suggest this might be an opportunity for whales to add more Bitcoin to their already impressive stashes.. Information obtained from a report by on-chain data analytic firm, Santiment, also suggests that Bitcoin whales are still making purchases as the price continues to drop. 

One such example is an anonymous entity with more than 144,000 Bitcoins divided across 18 digital wallets. The same entity, over the course of the last weekend, purchased an additional 30000 BTC.

According to Glassnode data, wallets containing 1000-10,000 BTC before the dip might be holding close to 57,000 Bitcoins (about 1.7 Billion USD) on average at present.

Less affluent holders who range from 100 to 1000 Bitcoins in the wallet do not seem to be uneasy either as they continue to retain their currency holdings.

CIO of Moskovski Capital asset manager Lex Moskovski acknowledged the selloff via a tweet on his official account: “Whales are unironically accumulating,” he remarked regarding Glassnode’ chart.

ETH and Other Coins Not Spared

While the Bitcoin price drop could be a catalyst for Ethereum (ETH) investments (especially with the launch date of Ethereum’s London hard fork only a few weeks away), the second largest currency isn’t exactly known for its independence.

Alongside BTC’s downswing has also been Ethereum’s, despite slews of positive news from Ethereum’s camp. Altcoins like Binance coin (BNB) and Dogecoin have not been exempted either, as some analysts blame the last stock market correction to be the leading cause of the crypto market drop.

In spite of the dip, it is always possible that a price drop might be positive after all as retail traders’ selloffs often lead to significant rise in institutional support. There’s a lot of scramble to buy more Bitcoin, just as there is the scramble to haul it off too.

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