Bitcoin Whales Buying the Dip, On-Chain Data Reveals

Large Bitcoin ($BTC) holders are up to something good amid the ongoing price dip. Despite Bitcoin’s 42% drop from its all-time high of $126,000, whales are increasing their accumulation of the coin. As highlighted by Bitfinex, a leading digital trading platform, the number of addresses with over 1,000 $BTC has spiked.

Whale wallets expand despite Bitcoin’s market decline

Notably, the Bitcoin large-holder asset chart indicates that the number of addresses holding over 1,000 $BTC rose to 2,047. This signals that more wallets now hold at least 1,000 $BTC each, worth millions of dollars per wallet.

It is a clear indication that these whales are buying the dip and holding more Bitcoin in their portfolio. This increased accumulation at a time when Bitcoin is nosediving suggests that $BTC whales are anticipating a rebound in price.

These large investors, instead of dumping the asset, have decided to buy up whatever retail investors are selling. It is likely that if these whales continue to accumulate, Bitcoin could stop further declines on the crypto market.

Within the last 24 hours, Bitcoin crashed from a daily peak of $78,376.51 to an intraday low of $72,897.14. As of this writing, Bitcoin exchanges hands at $75,977.92, which represents a 2.64% decline within the time frame.

However, trading volume has climbed by 26.8% to $68.02 billion, indicating the ongoing accumulation. With weak hands exiting the market and whales mopping up after them, the current development could prove significant to the leading digital asset.

This $75,000 price range might serve as a new support base for future upward movement. It could also serve as a sell-off trigger during a market correction.

If the current whale accumulation succeeds in stabilizing prices, Bitcoin would need to reclaim the $85,500 level before it reignites confidence of further upside.

Michael Saylor's Bitcoin doctrine aligns with whale strategy

Bitcoin is currently in a zone that contains most of the asset’s market liquidity. The coin’s ability to resist a massive sell-off in line with the current whale accumulation might prove pivotal to its recovery journey. Bitcoin might persist until the coin reclaims the $80,000 level.

Amid the volatility, Bitcoin advocate Michael Saylor has dropped two critical rules that should guide holders of the coin. According to Saylor, the first rule is to "buy Bitcoin," and the second is "don’t sell the Bitcoin."

These rules seem to align with the action of whales holding over 1,000 $BTC as they steadily increase their accumulation of the asset. It would appear that a section of the market is listening to Saylor.