As a seasoned researcher who has witnessed countless market fluctuations and trends in the crypto world, I find it intriguing to see such patterns repeating themselves yet again. The recent price dips followed by swift recoveries, accompanied by whale accumulation, is a familiar dance that we’ve seen many times before.
TL:DR;
- The entire cryptocurrency market experienced sharp declines in the past few days before prices recovered, with BTC jumping above $100,000 once again.
- On-chain data shows that whales holding some of the biggest and most popular crypto assets used this opportunity to stack up.
BTC Whales Buying
Over the course of this week, several price fluctuations occurred with Bitcoin. It attempted to break through the $100,000 mark on a couple of instances during the weekend, but each attempt was followed by a significant correction that caused it to drop significantly. In fact, Bitcoin fell more than $6,000 not once, but twice, reaching a low of $94,400 on both Monday and Tuesday. Remarkably, at this level, Bitcoin managed to find the support it needed.
Yesterday, it soared quite impressively, increasing nearly $8,000 in under 24 hours, rising from its previously mentioned low to reach approximately $102,000 on Bitstamp (its highest point locally).
At a particular moment, extreme fluctuations in prices forced approximately 500,000 overextended traders out of the market. These price spikes often drive out less confident investors, but individuals with firm beliefs—typically large-scale investors—utilize these corrections to increase their holdings of the asset.
Based on data from widely recognized analyst Ali and on-chain analysis, it was found that a significant number of large Bitcoin wallets (holding at least 100 Bitcoins each) were established during the recent market downturn.
Large Bitcoin investors (often referred to as ‘whales’) are purchasing when prices drop! Interestingly, around 342 wallets containing more than 100 Bitcoins each were formed as the price decreased from $104,000 to $90,000.
— Ali (@ali_charts) December 11, 2024
XRP and DOGE, Too
Additionally, it appears that affluent investors are also quite optimistic about other digital currencies aside from Bitcoin. Some of these include Dogecoin (DOGE) and Ripple (XRP).
Additional evidence indicates that whales purchased approximately 100 million XRP when its value plummeted from over $2.4 to under $2. During this period, the asset was one of the weakest performers amidst the broader market corrections. However, it subsequently recovered all losses and has now surpassed the $2.4 mark again.
In the recent dip, whales bought over 100 million $XRP!
— Ali (@ali_charts) December 11, 2024
As the largest and oldest representative of the unpredictable meme coin market, Dogecoin (DOGE) wasn’t immune to volatility either. Its value dropped from $0.44 to below $0.37 but soon rebounded, climbing back above $0.4. In this downturn, significant DOGE investors (known as whales) added 210 million units of the asset to their holdings.
#Dogecoin whales bought 210 million $DOGE during the recent price correction!
— Ali (@ali_charts) December 11, 2024
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2024-12-12 09:50