Bitcoin Whales on Buying Spree Despite BTC Price Dip Below $70,000

While retailers are panic-selling amid a major retracement in bitcoin’s (BTC) price, large investors are taking advantage of the dip and increasing their holdings.

According to on-chain data shared by Lookonchain, five large investors or whales bought 2,780 BTC, worth $192.4 million, collectively since November 1.

As $BTC drops below $70,000, whales are still accumulating $BTC!

5 whales has accumulated 2,780 $BTC($192.4M) since Nov 1.

1DL34f withdrew 880 $BTC($61.18M) from #Binance at $69,519 and currently holds1,381 $BTC($95.12M).

bc1qw0 withdrew 615 $BTC($41.7M) from #Binance at… pic.twitter.com/SICXpxae9o

— Lookonchain (@lookonchain) November 4, 2024

Whales Go Shopping 

According to the data, a whale with the address “1DL34f” withdrew 880 BTC ($61.18 million) from crypto exchange Binance at $69,519 and currently holds 1,381 BTC (worth approximately $95.12 million).

Whale “bc1qw0” also moved 615 BTC ($41.7 million) from Binance at $67,764. Whale “37SwvX” withdrew 595 $BTC ($41.38 million) from Binance at $69,587, “bc1qay” moved 550 BTC ($38.68 million) from Binance at $70,328, and “bc1qzs” took out 140  BTC ($9.48 million) from Binance at $67,764.

Typically, when wallets withdraw assets from centralized exchanges (CEXs) like Binance, it signals a buying activity.

Buying the Dip

The move reflects the whale’s strategic move to take advantage of the ongoing BTC price dip. Moreover, it reflects their high confidence in the pioneering cryptocurrency’s long-term growth/potential.

After closing October with a 14% gain to trade around the $70,000 mark, BTC has witnessed a major retracement since the beginning of November, going as low as $67,700. 

The retracement led to significant market liquidations. According to recent data, long positions accounted for most losses, totaling nearly $200 million, while shorts only lost $34 million. 

Analysts have attributed the price dip to decreasing odds that crypto-friendly candidate Donald Trump will win the upcoming elections, slated to take place on November 5. The election’s complete result is expected to be released on the following day.

Meanwhile, accumulation from whales could be crucial in maintaining BTC support levels. Large holders’ accumulation during high market volatility can help absorb selling pressure from retail investors, thus stabilizing the asset’s price.

BTC traded around $68,700 at press time, representing a less than 1% surge in the past 24 hours.