It seems like the big players in the Bitcoin market aren't too bothered by the recent drop in Bitcoin's value. In fact, according to Whale Alert, some major Bitcoin investors have been accumulating the cryptocurrency. They've even sent up to 6,000 BTC in two transactions to Binance, a popular cryptocurrency exchange.
Interestingly, while the price of Bitcoin was declining, some of these investors saw an opportunity to "buy the dip." They made moves to acquire more Bitcoin, such as a recent transfer of up to 11,125 Bitcoin to Binance. It's unclear whether these transfers have played a role in Bitcoin's recent upward movement.
Despite the recent dip in Bitcoin's value, some significant investor cohorts have been buying up Bitcoin. Crypto analytics firm Santiment reports that Bitcoin whales and sharks (which refers to addresses holding 10 to 10,000 Bitcoin) accumulated 40,557 BTC worth $821.50 million in the previous week. It's worth noting that the value of Bitcoin was declining at the time of these purchases.
Whales in the cryptocurrency market can often provide important information about future price movements. They have a reputation for buying when they believe the market has declined and selling at a premium. In this case, their buying pressure seems to have had a favorable impact on Bitcoin's price, which has experienced some strong upward movement in the last day. It will be interesting to see what further impact these whales and sharks will have on the cryptocurrency market.