Crypto Whales Buy the Bitcoin Dip

The crypto market sell-off is a prime opportunity for big investors: Whales are buying Bitcoin, Ethereum and Co. worth millions.

"Buy the Dip," proclaims Michael Saylor in response to the current stock market crash. Crypto whales follow his advice and buy Bitcoin worth millions.

As data from BitInfoCharts demonstrate, there are several whales currently buying Bitcoin and Co. One of these whales, known as Mr. 100, bought more than 500 BTC on the night of Aug. 4-5, worth more than $25 million.

"While beginners are selling in panic, whales are buying up the panic," he said. writes the Bitcoin-youTuber sunnydecree. Data from Glassnode support this claim: Since trading in Bitcoin ETFs began in January, whales have been buying BTC in large quantities.

Whales are individuals or entities that own large amounts of cryptocurrencies. One usually speaks of a whale when he or she has at least 1,000 BTC in the wallet.

Moreover, whales are considered crypto professionals. Their behavior provides insight into possible future market movements. Thus, the side-buying movements of whales are bullish.

At the time of writing, Bitcoin is down 15% on a daily basis; on a weekly basis, the cryptocurrency is losing nearly double that amount.