Whales Fill Up On Bitcoin While Broader Market Panics

Bitcoin has recorded multiple dips in recent weeks that have pushed its price below $60,000. The slump came as a result of sell-offs from investors who believe that the asset has reached its peak. Panic had spread like wildfire, triggering even more sell-offs but not everyone gave in.

Whales have always been known to gobble up the bitcoins that small-time investors unload during periods of panic and this time has proven to be no different. While the broader market panic sold their holdings, bitcoin whales took advantage of the opportunity to pad up their holdings, snapping up billions in the digital asset during the dip.

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Whales Load Up On Bitcoin

Data analytics firm Santiment recently published a report showing whale activity during the recent dip. In the report, the firm notes that while the sell-off was taking place, whales had significantly increased their holdings. These whale wallets containing 100 to 10,000 BTC took full advantage of the panic in the market and picked up about 59,000 BTC last week.

Bitcoin price chart from TradingView.com

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BTC slumps to $54K | Source: BTCUSD on TradingView.com

This figure shows that in one week alone, these whale wallets have accumulated about $3.3 billion worth of bitcoin, which amounts to an additional 0.29% of the circulating supply now controlled by the whales.

It would seem with every downward correction, small-time investors lose even more hold on the market as whales remain at the ready to mop up the coins that investors dump in their panic.

Crypto Market Dives Into Fear

The panic that gripped the market after bitcoin began its downtrend was evident in the Fear & Greed Index. The index had remained in greed territory for the better part of last month but that change recently after the first signs of a market correction. Market sentiment had dropped so far into negative that in the space of a week, the index was back into neutral territory and then fear not too long after.

Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years

The Fear & Greed Index score continued to drop, hitting a new two-month low after dropping to 32 on Thursday. This puts the market in full panic mode leading to more sell-offs in the market. However, whales have taken full advantage of this for their benefit.

Whales accumulating bitcoin has however always spelled good news for the market. Cumulatively, these high-volume addresses hold enough to have a certain sway over the market. Thus, as long as they refuse to sell and instead purchase more of the asset to increase their holdings, then the fewer coins are on exchanges to lead to a continued downtrend.

Featured image from Bitcoin News, chart from TradingView.com


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Bitcoin Accumulation Accelerates as Whales Buy 0.29% of BTC’s Total Supply in a Week: Analysis

Bitcoin’s price trading below $60,000 for over a week now has allowed some whales to accumulate more portions of the asset. On-chain data suggests that long-term holders and whales have bought 0.29% of the total supply in just a week.

Bitcoin Whales Accumulating

Ever since its peak at $69,000 on November 10th, bitcoin’s price has been on the downfall, losing roughly 20% of its value and bottoming below $56,000 just a week later. While this vigorous price drop in a relatively short period could shake off some weak hands, it’s not the case with long-term holders (LTHs) and whales.

The latter group, typically considered entities containing between 100 and 10,000 BTC, has been on a buying spree, as outlined by the analytics company Santiment. They have used the opportunity to buy bitcoin at cheaper rates (compared to 15 days ago) and have accumulated roughly 59,000 coins in just a week – the same seven-day period in which BTC’s price remained below $60,000.

Some of those purchases have most likely come from the third-largest whale. As previously reported, the anonymous entity bought roughly $375 million worth of BTC in eleven days.

Bitcoin Whale Behavior. Source: Santiment
Bitcoin Whale Behavior. Source: Santiment

It’s worth noting that whales tend to purchase more coins when the asset’s price has cooled off following a significant rally, as the chart above demonstrates. Such was the case in early July and September, when their holdings had declined. As they began accumulating, though, BTC’s price also went on a roll.

BTC Withdrawals and LTHs’ Behavior

As CryptoPotato recently outlined, the number of bitcoins withdrawn from exchanges has started to pick up, with more than 23,000 coins moved to cold wallets. Additionally, long-term holders have also refused to panic sell substantial portions of their BTC positions during the retracement.

Data from Glassnode showed that they had reduced their holdings by just 0.7% in the course of a month after peaking at 13.5 million bitcoins.

In contrast, short-term holders have reacted more to the enhanced volatility and have sold more significant BTC portions.


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Bitcoin Whales Buy Over $2,260,000,000 Worth of BTC During Latest Crypto Correction: Analytics Firm Santiment

Bitcoin (BTC) whales have been buying the dip, according to the crypto analytics firm Santiment.

The firm notes on Twitter that active Bitcoin whale addresses holding between 100 to 10,000 BTC accumulated about 40,000 BTC during last week’s price dip. With Bitcoin trading at $56,588.01 at time of writing, that amount of BTC is currently worth about $2.26 billion.

Source: Santimentfeed/Twitter

Santiment also says Bitcoin supply continues to move off of exchanges despite the recent bearish price action, which lowers the risk of a mass selloff.

Additionally, Bitcoin’s current social sentiment is at its most bearish level in seven weeks, according to the analytics firm.

Santiment’s weighted sentiment tracker analyzes the positive and negative commentary surrounding a crypto asset. The firm says prices tend to top out when social sentiment gets too high and bottom out when the metric gets too low.

Source: Santimentfeed/Twitter

Santiment has also tracked a change in Binance funding rates.

“When Bitcoin was well above $60k from mid-October to mid-November, Binance’s funding rates for most assets were well in positive territory. This is indicative of trader over-confidence, and prices often overcorrect. Now, things look far more neutral.”

Bitcoin is down more than 18% from its all-time high of $69,044.77, reached about two weeks ago.

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Third-Largest Bitcoin Whale Bought $375 Million Worth of BTC in Eleven Days

In a matter of two weeks, one of the largest BTC whales has accumulated more than 6,600 coins as the price of the asset has declined by more than 10% in the same timeframe.

  • CryptoPotato frequently reports the sales and purchases of this particular whale, which tends to sell when the asset’s price has appreciated significantly in a short period of time and vice-versa.
  • In the past several weeks, though, they have been focused on accumulating only, as CryptoQuant’s analyst VentureFounder informed.
  • Starting from November 12th, the entity has made eight consecutive purchases as bitcoin’s price was declining. The first one, for 1,123 BTC, came at just over $64,000, while the last one – from yesterday, was at a price tag of $57,400 and was for 616 BTC.
  • In total, the whale has accumulated 6,665 coins in less than two weeks. From a USD perspective, this amount is roughly $375 million in today’s prices.
  • According to VentureFounder, this whale now has their highest wallet balance in four months when they were accumulating at prices around $30,000.


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Third-Largest Whale Bought Almost $100 Million Worth of BTC Below $60K

After a good run over the past several weeks, bitcoin’s rally came to a screeching halt, at least for now. Here’s where the whales come in. In fact, one particular whale is actually keen on raking in more and more coins as price takes another breather.

Following the cryptocurrency’s fall below the psychological support level of $60,000, the third-largest Bitcoin whale fetched another 1,647 BTC on November 17th. The amount rounds up to approximately $98.8 million. In the last five days, the whale has added a total of 2,977 BTC.

Buying the Bitcoin Dip

Bitcoin has depreciated by almost 11% over the past week. Despite this, the crypto-asset remains lucrative among investors, both large and small. This whale, for one, has been quite active and responsive to the price action. They were on an accumulation spree over the past couple of weeks but changed their tune at a near peak level and sold 1,500 BTC. Some suggest that this is a classic bull market behavior.

More recent data, on the other hand, demonstrated a considerable spike in investors’ interest coinciding with the price fall. Apart from a handful of deviations, market players were not spending their coins. The overall market sentiment is “too hodl” right now. Even if bitcoin’s price has risen significantly since the May correction, the coins have primarily remained in investors’ wallets.

A rise in accumulation from long-term players is mostly followed by a major price surge. It will be interesting to see if this new trend of increasing buyer volume manages to curb a deeper correction in the near term and catapult BTC from the current lows.


Wallet Activated After Years of Dormancy

Recently, a Satoshi-era bitcoin whale wallet with $150 million worth of BTC was reactivated. It had remained dormant for eight long years. When the last transaction occurred back in 2013, the wallet holder had around $294,000 worth of BTC.

Thanks to the ballistic rise of the asset this year, the value has increased to new heights. Notably, the latest transaction was observed on the same day when Bitcoin hit a new ATH of $69,000. This was enough to attract interest as many in the community started speculating that the wallet could belong to bitcoin’s mysterious creator, Satoshi Nakamoto.

During its period of inactivity, the whale wallet seemed to have has received small amounts of BTC several times. However, these are minuscule amounts and appear to be dusting attacks by malicious entities.


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Bought The Dip: Third-Largest Bitcoin Whale Adds 207 BTC at $62K

One of the largest BTC whales has bought more than 200 coins at $62,000 shortly after selling 1,500 tokens at $67,500. Today’s purchase comes amid the asset’s massive correction.

  • As outlined by CryptoQuant’s analyst going by the Twitter handle VentureFounder, the anonymous bitcoin whale has begun reaccumulating once again.

  • The entity has been quite active in response to the cryptocurrency’s price movements. The latest such example came earlier this month when they sold 1,500 bitcoins at $67,500.
  • As the asset began to retrace in the following days, the whale bought 1,123 tokens on November 12th at an average price of just under $64,200.
  • Earlier today, they made another purchase – this time 207 bitcoins at $62,000 for $12.8 million.
  • As of now, the whale has 108,528 bitcoins (at least in this address), which makes an unrealized gain of $4.7 billion, according to VentureFounder.
  • It’s also worth exploring if they will continue buying now, as bitcoin’s price has continued to retrace. As of now, BTC has dumped below $60,000 for the first time since late October.


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Bitcoin price in classic ‘Bull Pennant’ breakout as BTC whales go on buying spree

Bitcoin (BTC) has the potential to rise toward $75,000 by the end of this year as it breaks out of a classic bullish pattern and picks additional upside cues from its richest investors’ recent accumulation spree.

Bitcoin Bull Pennant breakout in play

BTC rallied over by 6% in the past 24 hours to reach a three-week high just shy of $66,500. In doing so, the cryptocurrency broke out of a consolidation range consisting of two diverging trendlines, a setup reminiscent of a Bull Pennant.

Bull Pennants are bullish continuation patterns that appear when an instrument consolidates in a Triangle-like price range following a strong move higher (called Flagpole). It typically ends up breaking out of the range to the upside, eyeing a profit target at length equal to the Flagpole’s size.

Bitcoin ticks almost all the boxes when it comes to confirming a Bull Pennant breakout. As a result, its likelihood of continuing its upside boom has risen, with its profit target sitting as high as the height of its Flagpole, which is over $12,300, as shown in the chart below.

BTC/USD daily price chart featuring Bull Pennant setup. Source: TradingView

The bull setup puts the BTC price on the way towards $75,000, after adding the Flagpole height to the point of breakout around $63,300.

Whales enter BTC accumulation spree

Bitcoin’s bullish setup received additional confirmation from an on-chain indicator by Santiment that tracks distribution/accumulation activities of the wallets with balances between 10,000 BTC and 100,000 BTC.

The metric highlighted that the so-called “Bitcoin whales” have been accelerating their buying spree.

Specifically, these entities accumulated 43,000 BTC (worth about $2.82 billion) in the last five days and about 92,000 BTC (over $6 billion) in the last 25 days, just as the price rallied to a record high near $67,000, corrected below $60,000, and surged back above $66,000.

Bitcoin whale accumulation/distribution chart. Source: Santiment

The whale-led buying between the $60,000-67,000 area underscored their preparations for the times ahead, i.e. they anticipated Bitcoin to close beyond its previous record high.

Related: Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest

Additionally, on-chain analyst Willy Woo noted that Bitcoin continues to move off exchanges to cold storage in recent weeks. At the same time, the deposits of dollar-pegged stablecoin USDC surged in the same period, underlining a classing buying pattern.

BTC spot exchange net flows. Source: Willy Woo

“Price was previously overheated, calling for a time of consolidation, since then we’ve seen significant buying from investors while [the] price has been sideways,” wrote Woo in a note to clients, adding:

“It’s been a healthy consolidation. Meanwhile, significant whale activity has been spotted which suggests BTC’s next move in price may come soon.”

Bitcoin is up by nearly 50% so  in Q4, just 2% under its all-time high of $67,000. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.