Whales fill their wallets with Bitcoin

Bitcoin whales have taken advantage of the recent price drop to buy in extra. But will this be enough to reach the $100,000 mark?

Large investors, also known as whales, have taken considerable advantage of the recent drop in the Bitcoin exchange rate. According to data from CryptoQuant these wealthy investors bought as much as $1.5 billion worth of Bitcoin during the latest dip. On Tuesday alone, about 16,000 BTC were transferred to addresses of large Bitcoin holders.

Yet this is not enough for a breakthrough to a new record level, according to CryptoQuant. "To reach a new all-time high, we need greater spot buying volume from both retail and institutional investors," the platform said.

For now, the pattern of "Buy the Dip" mainly limited to institutional players. However, this may be slowly changing. With a two percent increase, Bitcoin is once again narrowing the distance to the $100,000 mark.