Although market sentiment around Bitcoin has continued to hit extreme bearish levels, Bitcoin's large holders are not willing to relent as they have continued to purchase the asset in large quantities.
While these bearish sentiments have continued to fuel uncertainty on the leading cryptocurrencies, it appears that large holders are seizing the opportunity to purchase the asset for cheaper prices.
Bitcoin whales are buying the dip
Over the last three days, Bitcoin's large holders have scooped the asset in large quantities, as popular crypto analyst Ali Martinez provided data revealing that 10,000 BTC have been purchased by whale holders over the period.
This suggests that Bitcoin's large investors have significantly increased their holdings of Bitcoin over the past several days, not minding the fading market momentum.
Furthermore, the chart shows that Bitcoin whale holdings have surged from about 4.21 million BTC to more than 4.23 million BTC between April 1 and April 3.
This marks a sharp increase in Bitcoin whale accumulation within just three days, reigniting confidence among smaller investors who have relented amid the prolonged market volatility.
With Bitcoin currently trading far below $70,000, the massive accumulation of 10,000 BTC by whales over the period is worth about $670 million at Bitcoin’s current market price.
Notably, this reflects strong buying interest from high profile holders or institutional investors even as the broader market sees weak momentum.
Bitcoin struggles to recover
While Bitcoin has remained in the red territory for the most part of the week, the latest whale buying activity comes amid heightened caution among retail traders.
Notably, recent social data have shown rising bearish discussions surrounding Bitcoin as it continues to hover around the $66,000 mark.
Nonetheless, the massive accumulation from whales could propel the asset into achieving a major price rebound soon, sustained by growing institutional demand.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
