caueconomy
Whales are unfazed and continue to accumulate bitcoin๐ฅ
Despite low activity on the bitcoin network and weak retail demand, whale reserves have continued to grow in recent weeks. Since the hiatus that lasted between December and February, wallets of large participants in the bitcoin network have started accumulating bitcoin again, with more than 100,000 BTCs absorbed since the beginning of March. This indicates that the price drop has not affected those known as โsmart moneyโ bidding in price regions of institutional interest. Although this does not indicate a short-term trend reversal, it demonstrates the difference between the profile of large and small investors, while the latter reduce activity due to the high level of uncertainty, the former take advantage of the drop in prices to reduce their acquisition cost. Eventually this dynamic will be reflected in the price of bitcoin and when the price has another upward momentum, these big players will sell their positions again.