The bitcoin whales chose not to get rid of the coins amidst the bitcoin price fall, but to increase their investments in crypto. Over the past ten days, they have bought about 40,000 BTC.
According to the analytical platform Santiment, bitcoin whales increased their investments in cryptocurrency by 40,000 BTC over the past 10 days. Within the last five weeks, their assets have grown by 130,000 BTC.
🐳 #Bitcoin whales holding between 100 and 10,000 $BTC continue accumulating since the May plummet that shook out many weak hands. These addresses have now accumulated 130,000 more $BTC in the past 5 weeks, and 40,000 more in just the past 10 days. 📈 https://t.co/sjslBWPa0Z pic.twitter.com/EppJ8bTX7O
— Santiment (@santimentfeed) July 27, 2021
According to Santiment analysts, bitcoin whales holding between 100 and 10,000 BTC acted in opposition to the panic that gripped small retail investors due to the fall in cryptocurrency prices in May.
#Bitcoin supply held by whales (1k-10k wallets) has erased the whole Tesla/China sell-off and are back to the levels of $57k BTC.
Whales are unironically accumulating. pic.twitter.com/Rqbd22EvBl
— Lex Moskovski (@mskvsk) July 19, 2021
Whales buy bitcoins with an eye to long-term storage. This is indirectly evidenced by data on the input and output of bitcoins from crypto-exchanges. According to CryptoQuant, investors are withdrawing bitcoins from exchange accounts again. This indicator showed a constant decline from the summer of 2020 to November 2020, reaching a local minimum and holding that level until May 2021. After the fall in the bitcoin rate, some investors rushed to reintroduce coins to exchanges in order to sell them.