According to data shared by Material Indicators, an on-chain analytics firm, Bitcoin whales continued to buy the dip while prices were down. The firm suggested that buyer activity on Binance climbed, with massive buy orders in excess of $100,000.
It is common knowledge that investors try to “buy the dip” and “sell the high.” Interestingly, while activity from smaller investors slowed down, big players stepped up their game to acquire more of the digital gold.
The chart shared by Material Indicators revealed that whale activity rose during the dip and peaked to a new all-time high.
A possible explanation is that while retail traders were more concerned about Bitcoin dropping even lower or buying in high, whale investors are most likely accumulating. To support this narrative, BTC PEERS earlier reported that the number of Bitcoin held on exchanges dropped to a two-year low, suggesting that investors are moving their holdings into cold storage.
Material Indicators was quick to remind its audience that the rally may not be healthy since whales may sell as prices rise again. This might arguably cause a repeat of the pattern of increased price followed by a quick correction.
Meanwhile, as of press time, the price of Bitcoin had risen and was exchanging hands at over $57,000.