Data: Whale accumulate $1.5 billion worth of Bitcoin during this week’s decline

Bitcoin fell from around $98,000 to around $90,800, a drop of about 7.5%, from Monday to Wednesday, and then Bitcoin rebounded, returning to $96,700 before the deadline. On-chain data shows that whales "took advantage" of this week's decline to accumulate more Bitcoin, indicating that they played an important role in the process of Bitcoin's price rebound. On-chain data analyst Caueconomy posted on the CryptoQuant platform that after short-term investors transferred nearly $4 billion in Bitcoin loss funds to exchanges, whales (defined as wallet addresses holding 1,000 to 10,000 BTC) took advantage of the market's panic selling to accumulate, "On Tuesday, about 16,000 Bitcoins entered the reserves of whales, and this number continued to increase yesterday, with on-chain accumulation equivalent to about $1.5 billion." However, this analyst also pointed out: "This spot buying volume is not yet sufficient to indicate a broader trend of buying the dip, and is still mainly concentrated among institutional participants." In other words, other investors, such as day traders and retail investors, also need to participate in order to push Bitcoin's price above $100,000. Caueconomy wrote: "We need greater spot buying volume between retail and institutional to achieve a new all-time high." According to data from IntoTheBlock, there is relatively strong support below the $95,672 price level, compared to the resistance Bitcoin faces on its recovery path. The IOMAP chart shows that the current price support range for Bitcoin is between $92,777 and $95,634, within which about 490,570 wallets have purchased approximately 441,250 BTC.