The most recent crypto flash crash that took place three days ago wiped out more than a fifth of Bitcoin’s value and caused over $2 billion worth of positions to be liquidated ended up being nothing more than a feeding party for whales as they gobbled up more than $3.3 billion worth of Bitcoin during the dip.
As most traders fled for the hills, the whales of the crypto world started adding to their Bitcoin position as the valuation bottomed out at $43,500. Santiment, the on-chain data provider, reported Tuesday that wallets holding between 100 and 10,000 BTC added up to 67,000 new BTC through the dip which are already worth over $3.3 billion as BTC has recovered since the sell-off.
On-chain data shows that the third-largest Bitcoin whale was responsible for a percentage of the new purchasing activity. On Monday, the whale increased its holdings by 2,702 BTC at the price of $50.6k for $136 million.
Now the whales have circled back around and have been active in acquiring more BTC at cheaper levels.