Bitcoin Whales Accumulate $1.28 Billion as Price Drops Below $90,000

Bitcoin whales, the largest holders of the cryptocurrency, have been actively accumulating the asset as its price dipped below $90,000. According to on-chain data, these influential investors have added approximately $1.28 billion worth of Bitcoin to their wallets in recent days.

Market intelligence platform IntoTheBlock reports that the "Large Holders Netflow" indicator, which tracks the net amount of Bitcoin entering or exiting the wallets of large holders, has turned positive. This suggests that these mega whales are now in net buying mode, a bullish sign for Bitcoin's price.

Earlier in the week, the Large Holders Netflow had turned negative, indicating that these whales were distributing their holdings. Coincidentally, Bitcoin's price had crashed during this period, suggesting that the selling pressure from these influential investors may have contributed to the market decline.

However, the situation has since reversed, with the Large Holders Netflow turning positive again. The analytics firm reports that these large holders have added nearly 15,000 tokens of Bitcoin to their wallets since the price fell below $90,000. This suggests that the whales believe the current low prices present a valuable accumulation opportunity.

While the whales' buying spree could potentially have a bullish impact on Bitcoin's price, the cryptocurrency has continued to slide downwards. In the last 24 hours, Bitcoin has dropped by another 2%, bringing its price to the $84,500 level.