Bitcoin (BTC) Whale Activity – Source: Santiment
At an average price of $77,000, this means an $11.5 billion investment into the top crypto that could create a strong floor as BTC approaches the $60,000 area.
Addresses holding between 1,000 and 10,000 tokens have been the ones buying the most BTC during this period, increasing their holdings by 100,000 coins, meaning a 2.1% increase.
Meanwhile, addresses holding between 10,000 and 100,000 BTC have also bought 70,000 coins during this period, resulting in a 3.1% jump.
Interestingly, smaller whales holding between 100 and 1,000 BTC have been dumping the tokens that these larger whales are buying.
This group started to sell at a frantic pace once BTC dipped below $90,000 after buying the token for months while it traded above $100,000. This could be an indication that opportunistic investors have capitulated.
Selling Pressure Ramped Up at $70K
Whale participation is important to create organic demand. This could create a strong floor that helps BTC recover in the mid-term.