The entire cryptocurrency market experienced sharp declines in the past few days before prices recovered, with BTC jumping above $100,000 once again.
On-chain data shows that whales holding some of the biggest and most popular crypto assets used this opportunity to stack up.Recall the price events that transpired since the start of the week. Bitcoin tried its hand at taking down $100,000 on a couple of occasions during the weekend, but each was met with a severe correction that pushed it south hard.
This was the BTC case, according to on-chain data shared by popular analyst Ali, who noted that 342 big wallets were created during this retracement.that even when BTC spiked above $100,000 once again, whales continued to accumulate, with a single one buying 201 BTC at such high prices.But it’s not just bitcoin. It seems wealthy investors are highly bullish on other cryptocurrencies as well, such as Dogecoin and Ripple .
Further data shows that whales bought over 100 million XRP during the asset’s crash, from over $2.4 to under $2. It was one of theat one point during the market-wide corrections, but it managed to erase all losses and is back above $2.4 as of now.from the volatility either. Its price slumped from $0.44 to under $0.37 before it bounced back to well above $0.4. During this crisis, DOGE whales accumulated 210 million of the asset.