Benzinga - The recent market dip in Bitcoin (CRYPTO: BTC) saw a significant increase in the holdings of large investors, commonly referred to as “whales,” who collectively added over $1.2 billion worth of BTC to their portfolios.
What Happened: On Friday, as the price of Bitcoin dropped below $60,000, large investors increased their holdings by 19,760 BTC, equivalent to $1.2 billion, according to a report by CoinDesk, citing data from IntoTheBlock.
This move is seen as a significant shift in the behavior of these influential market players.
"Bitcoin whales may have finally started buying the dip," said IntoTheBlock.
These large investors, who control substantial amounts of the digital asset, are often considered to be well-informed and their actions can have a considerable impact on the market.
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Their recent purchases may have contributed to Bitcoin’s rapid recovery from its overnight low of $59,600 to around $65,000. The cryptocurrency is currently trading at approximately $64,000, marking a 1% increase over the past 24 hours.
"Historically, accumulations by these addresses have often preceded rises in Bitcoin’s price."
Bitcoin, the largest cryptocurrency by market capitalization, has been experiencing a period of consolidation following record-breaking prices last month.
Bitcoin whales may have finally started buying the dip