As expected, whales have started hoarding frantically in the past few days.
BTC Whale Purchases
This week, the Bitcoin market experienced a series of violent price fluctuations. Over the weekend, Bitcoin twice attempted to break below the critical psychological barrier of $100,000, but failed to do so, and then experienced a strong retracement, with the price plummeting significantly. On Monday and Tuesday, Bitcoin dipped to $94,400, marking the recent bottom, and received important support at that level.
Immediately afterwards, Bitcoin rebounded strongly and rapidly recovered. From the aforementioned bottom to $102,000 (the local high on the Bitstamp platform), Bitcoin surged by nearly $8,000 in less than a day, restoring market confidence.
This round of violent fluctuations led to the liquidation of over 500,000 over-leveraged traders, and the so-called "weak hands" in the market were also forced to exit due to panic. However, investors with long-term convictions, especially large-scale investors, took the opportunity to increase their holdings. According to on-chain data shared by the renowned analyst Ali, 342 new wallets holding at least 100 Bitcoin were added during this retracement period. This indicates that despite the violent short-term fluctuations, the big players remain confident in the long-term value of Bitcoin and view the market adjustment as a good opportunity to accumulate.
Lookonchain stated that even if BTC surges above $100,000 again, whales are still continuing to accumulate, with one whale purchasing 201 BTC at such high prices.
XRP and DOGE
Not only Bitcoin has shown signs of attracting large capital deployment, but other cryptocurrencies such as Dogecoin (DOGE) and Ripple (XRP) have also gained the favor of wealthy investors.
On-chain data shows that during the market crash, large investors (commonly known as "whales") took the opportunity to increase their holdings by over 100 million XRP. At the time, the XRP price plummeted from above $2.4 to below $2, becoming one of the worst-performing assets during the adjustment period. However, XRP subsequently exhibited strong rebound capabilities, not only erasing all of its previous declines, but also returning to above $2.4. This recovery indicates that the big players remain confident in the long-term potential of XRP, and also highlights the effectiveness of the market's buy-the-dip strategy for popular assets.
As the largest and oldest representative in the increasingly volatile meme coin domain, DOGE was also not spared. Its price plummeted from $0.44 to below $0.37, before rebounding to well above $0.4. During this crisis, DOGE whales accumulated $210 million in assets.
