Bitcoin Price Sees Slight Recovery Amidst Whales’ Accumulation And Sell-Offs

Bitcoin’s price has shown signs of a slight recovery, edging back up to the $64k mark with a 2% gain today, following a retest of the $60k zone.

This modest uptick in price comes amidst reports of whale accumulation during the recent dip in the market. According to on-chain data from Lookonchain, two notable whales have been actively buying Bitcoin during this period of volatility.

“Whale1L7gnf” withdrew 820 BTC ($51.62 million) from Binance and has withdrawn a total of 3,532 BTC ($222 million) since the BTC price dropped on March 14. 

The price of $BTC dropped by 6% again today!

We noticed that 2 whales bought $BTC on the dip!

Whale"1L7gnf" withdrew 820 $BTC($51.62M) from #Binance in the past 2 hours, and has withdrawn 3,532 $BTC($222M) from #Binance since the $BTC price dropped on Mar 14.

Fresh… pic.twitter.com/Z2PX2TaFnD

— Lookonchain (@lookonchain) March 19, 2024

Meanwhile, a fresh wallet under the name “bc1q6d” withdrew 425 BTC ($26.85 million) from Binance within the past 24 hours.

In addition to whale accumulation, MicroStrategy has further bolstered its Bitcoin holdings by purchasing an additional 9,245 BTC ($623 million) at an average price of $67,382 between March 10 and March 18. 

MicroStrategy bought another 9,245 $BTC($623M) at $67,382 from Mar 10 to Mar 18!#MicroStrategy currently holds 214,246 $BTC($13.6B), and the average buying price is $35,160.https://t.co/oQ9ci7vK3p pic.twitter.com/BQTVt4E35q

— Lookonchain (@lookonchain) March 19, 2024

With this acquisition, MicroStrategy now holds a total of 214,246 BTC ($13.6 billion), with an average buying price of $35,160.

Despite Whales Accumulation, There’s Some Notable Sell-offs And Panic Decisions From Other Traders

However, amidst the accumulation by some whales, there have also been reports of sell-offs during the recent market dip. One trader, in particular, panicked due to the continuous decrease in BTC price and sold 630 BTC ($39.8 million) at a loss. 

This trader panicked due to the continuous decrease of $BTC and sold 630 $BTC($39.8M) at a loss 2 hrs ago!

When $BTC dropped 7% from its peak, he bought $1,332 $BTC($90.8M) on the dip on Mar 16.

And $BTC dropped ~7% again today, he panicked and sold 630 $BTC ($39.8M) at a loss.… pic.twitter.com/cLdlaJoXgo

— Lookonchain (@lookonchain) March 19, 2024

Despite buying back 1,332 BTC ($90.8 million) on the dip on March 16, the trader panicked again when BTC dropped ~7% and sold the same amount at a loss.

According to Spotonchain, BTC ETF Net Inflow for March 19, 2024, was -$326 million, marking the second consecutive day of negative net inflow.