Bitcoin Whales Keep Buying Despite Price Correction: Confidence Remains High

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The Essentials in Brief

Despite a correction in the Bitcoin price, investors remain optimistic. As the value of Bitcoin fell, the so-called “whales,” or large investors, continued to buy Bitcoin. This suggests that confidence in the cryptocurrency remains despite short-term price losses.

Bitcoin Price Experiences Correction

On March 6, the Bitcoin price reached an all-time high when it exceeded the $69,000 mark. Shortly thereafter, however, the price experienced a significant decline. Despite this decline, large investors, the so-called “whales,” continued to buy Bitcoin. This suggests that confidence in Bitcoin remains despite short-term price losses.

Investors Remain Optimistic

According to a tweet from IntoTheBlock, large Bitcoin investors increased their holdings by 4177 BTC in the last week, equivalent to a value of more than $279 million. Surprisingly, Ali, a well-known crypto analyst, revealed that a significant amount of Bitcoin was liquidated while the whales continued to hoard. In the last 24 hours, Bitcoin positions worth nearly $164 million were liquidated.

High Selling Pressure on Bitcoin

Despite the ongoing purchases by large investors, the increasing reservation of Bitcoin on exchanges indicates high selling pressure. In addition, the net deposit of Bitcoin on exchanges was high compared to the seven-day average. These two factors point to high selling pressure on Bitcoin.

Investors Continue to Buy Bitcoin

Even though the price of Bitcoin has fallen, investors have continued to buy Bitcoin. This is evidenced by the fact that the supply of Bitcoin on exchanges has decreased, while the supply outside of exchanges has slightly increased. This means that investors continue to buy Bitcoin, even when the price has fallen below $64,000.

Our Assessment

Although the Bitcoin price has experienced a correction, investors remain optimistic. The fact that large investors continue to buy Bitcoin suggests that confidence in the cryptocurrency remains despite short-term price losses. It remains to be seen how the Bitcoin price will develop in the coming days, but the current sentiment among investors seems to be positive.

Sources: Dipayan Mitra, Ann Maria Shibu, IntoTheBlock, Ali, CoinMarketCap, CryptoQuant, Santiment.

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