Bitcoin whales switch to buying as retail dumps on ‘extreme fear’

On-chain data reveals Bitcoin whales are aggressively accumulating during the crash while smaller wallets capitulate.

The number of Bitcoin whale wallets has spiked as the price of Bitcoin has struggled this week, sinking as low as $89,550 on Tuesday.

Data from the crypto analytics platform Glassnode shows that whales have been accumulating since late October, with a notable spike in the number of Bitcoin whale wallets holding above 1,000 BTC starting Friday.

Whale wallets’ numbers fell to a yearly low of 1,354 on Oct. 27 — when BTC was trading at around $114,000 — but as of Monday, this number has spiked 2.2% to sit at 1,384, in levels not seen in four months.

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