While panic selling has seen Bitcoin’s price slip below $80,000, whales looking to leverage the potential opportunity have aggressively accumulated over 65,000 BTC.
On Mar. 11, as Bitcoin (BTC) struggled near the $80,000 mark, on-chain data and analytics platform CryptoQuant shared details showing that large holders, dubbed whales, have been busy buying on the cheap over the past month.
CryptoQuant’s on-chain data indicates that despite the selling pressure leaving small holders in wreck mode, Bitcoin whales have used the 16% pullback over the past 30 days to accumulate more than 65,000 BTC.
https://twitter.com/cryptoquant_com/status/1899464577966018585
“Although this does not mean immediate effects on the short-term price, it already demonstrates absorption by large participants, excluding miners and exchanges,” Cauê Oliveira, head of research and on-chain analyst at BlockTrends, noted.
A continuation of this accumulation pattern over the coming weeks will signal upside demand from large holders. Whale buying has often signaled a bullish outlook, and in the recent past, it mirrors the accumulation seen ahead of the bull cycle run last November and December.
However, downside action may not be over yet. Bitcoin miners have increasingly come under selling pressure as BTC dips.
After hitting an all-time high of $109K, Bitcoin has struggled with downside pressure. Key bounces have stalled at supply reload zones, including the psychological $100K level. This weakness has turned miners into “forced sellers,” adding to the downward trajectory.
With markets reacting negatively to tariffs and other developments, analysts say Bitcoin could dip further. Notably, Bitcoin has retested support levels below $78K, with a bloodbath likely if it flips lower to touch $75K.
Arthur Hayes, the co-founder and former chief executive officer of BitMEX, suggested that the flagship cryptocurrency could revisit the $70K area. This would represent a 36% correction from Bitcoin’s all-time high, he noted.
Nonetheless, Hayes remains bullish long term, viewing the dump as a chance to accumulate more. But investors may need to remain patient.
“Traders will try to buy the dip, if you are more risk averse wait for the central banks to ease then deploy more capital. You might not catch the bottom but you also won’t have to mentally suffer through a long period of sideways and potential unrealised losses,” Hayes posted on X.
At 11:40 a.m. Eastern Time on March 11, Bitcoin traded around $81,220, slightly recovered from its intraday low of $76,780.
