Crypto whales buy the Bitcoin dip

2024-08-04

The sell-off on the crypto market is a feast for big investors: The whales are buying Bitcoin, Ethereum and co. to the tune of millions.

"Buy the dip", proclaims Michael Saylor in response to the current stock market crash. Crypto whales are following his instructions and buying millions of euros worth of Bitcoin.
As data from BitInfoCharts shows, there are several whales that are currently buying Bitcoin and Co. One of these whales, known as Mr 100, bought over 500 BTC worth more than 25 million US dollars on the night of 4 to 5 August.
"While noobs panic sell, whales panic buy," writes Bitcoin YouTuber sunnydecree. Data from Glassnode supports this thesis: whales have been buying BTC in large quantities since the Bitcoin ETFs started trading in January.

Whales are individuals or entities that hold large amounts of cryptocurrencies.

Normally, one speaks of a whale if he or she has at least 1,000 BTC in the wallet.
Whales are also considered crypto professionals. Their behaviour provides information about possible future market movements. The whales' buying behaviour is therefore bullish.

At the time of writing, Bitcoin is down 15 per cent on a daily basis and almost twice as much on a weekly basis.

We have been actively involved in Bitcoin for 6 years now and have experienced ups and downs from time to time. At this point, we don't want to go into where the big loss of the last 7 days came from this time. No, we want to sharpen your senses for the coming period!

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