Despite the recent panic selling causing Bitcoin’s price to fall below $80,000, large investors, often referred to as whales, have taken advantage of the situation by accumulating over 65,000 BTC.
On March 11, as Bitcoin (BTC) faced challenges around the $80,000 threshold, on-chain data analytics indicated that these significant holders have been actively purchasing at lower prices throughout the past month.
Data from the on-chain analytics platform highlights that, although selling pressure has negatively impacted smaller holders, Bitcoin whales have leveraged the 16% decrease over the last 30 days to gather more than 65,000 BTC.
“While this doesn’t guarantee immediate impacts on short-term pricing, it signals that large players are absorbing the sell-off, excluding miners and exchanges,” noted a leading researcher and on-chain analyst.
If this trend of accumulation continues over the next few weeks, it could indicate increasing demand from substantial holders. Historically, whale purchases have often pointed to a bullish sentiment, and recent trends resemble the accumulation seen before the bullish cycles in November and December.
Yet, the potential for further declines looms. Bitcoin miners have faced intensified selling pressures as the price of BTC declines.
Following its peak at $109,000, Bitcoin has encountered significant downward pressure. Key recovery attempts have stalled at critical supply levels, particularly around the psychological barrier of $100,000. This trend has forced miners to become “forced sellers,” adding to the bearish momentum.
With market reactions to tariffs and other developments turning negative, analysts suggest that Bitcoin may experience further dips. Notably, it has tested support levels below $78,000, with a significant drop likely if it breaches the $75,000 mark.
Arthur Hayes, co-founder and former chief executive officer of BitMEX, indicated that the leading cryptocurrency might retest the $70,000 area, equating to a 36% correction from its all-time high.
Nevertheless, Hayes maintains a bullish long-term perspective, viewing the current decline as an opportunity for accumulation. However, investors may need to exercise patience.
“Traders will attempt to buy the dip, but if you’re risk-averse, it may be wise to wait for central banks to ease before investing more. You might miss the absolute bottom, but you can avoid a challenging period of stagnation and potential unrealized losses,” Hayes shared on X.
At 11:40 a.m. Eastern Time on March 11, Bitcoin traded around $81,220, showing some recovery from its intraday low of $76,780.