The price of BTC is currently experiencing the largest decline since Donald Trump won the presidential election in the United States. Newer retail investors are the main source of concern in the market, as they are not accustomed to BTC’s volatility. However, for the big Bitcoin whales and sharks this is nothing more than a good buying opportunity.
According to data from the Santiment portal, these large wallets take advantage of the drop in the price of BTC in recent days to increase their purchases. So far in November, wallets with 10 BTC or more have increased their possession by adding almost 94,000 new bitcoins to their balances.
“As long as they continue to move their positions in the right direction, the bullish argument remains solid and any decline may be short-lived,” says Santiment in a post on his account on the social network X. In simple words, the whales are collecting the loot dropped by retailers in their nervous flight.
This is a classic trend in which veteran investors take capital from new, inexperienced investors. In any case, as long as Bitcoin whales continue to accumulate, there is no danger of the BTC price entering a threatening downtrend.
🐳 Is it time to panic after Bitcoin has opened the week with a mild retrace below $95K? Whales and sharks certainly don’t think so. In November alone, wallets with at least 10 BTC have now accumulated 63,922 more coins (worth $6.06B). As long as they continue moving their… pic.twitter.com/6EVS9UtFtm
— Santiment (@santimentfeed) November 25, 2024
Whales will give a new boost to the price of Bitcoin
Last week, the BTC price set its all-time high at $99,662 per coin. However, after being very close to the $100K milestone, the price began to retreat. During the day on Tuesday, the price of the currency was very close to being below $90,000.
This sharp retreat generated some concern among investors, especially retailers. For whales, as already mentioned, this is a routine rearrangement that will benefit their profits. The bullish outlook for the crypto market in 2025 remains intact.
The fact that 63,992 bitcoins swell the whales’ portfolios becomes a testament to what these investors really think. Consequently, as long as the whales are confident in the price, the market has nothing to fear from possible stumbles like the current one.
It is important to note that whales are not necessarily Bitcoin maximalists. Some of the profits they collected in the last few hours went into new reserves in tokens such as Cronos (CRO), World (WLD), Dogecoin (DOGE) and other coins with great potential for 2025.
Knowing the psychology of whales by monitoring their tendencies is a time-consuming task. However, doing so allows you to avoid nervousness and impulsive movements, which always end in losses.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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