Are Bitcoin Whales Buying The Dip With Less Enthusiasm?

New on-chain data analysis suggests that while large Bitcoin BTC/USD holders, often referred to as “whales,” continue to accumulate Bitcoin during dips, the intensity of their buying appears to be waning.

Accumulation Spree, But With Reservations

According to analysis by IntoTheBlock,, addresses holding over 1,000 BTC have been actively accumulating the cryptocurrency in recent months, particularly during price dips.

This buying activity has historically been followed by short-term price increases.

However, the report highlights a concerning trend: the size of each accumulation spike is decreasing.

Chainlink Investors Show Accumulation Despite Price Fluctuations

IntoTheBlock also shared insights into the activity surrounding Chainlink LINK/USD, a decentralized oracle network. Despite recent price movements, on-chain data from the past month reveals a negative net flow of LINK tokens from exchanges, signifying accumulation by investors. During this period, the total net outflow amounted to nearly 3.6 million LINK.

This pattern could indicate a declining level of conviction among whales.

While they are still buying the dip, their actions suggest a potentially reduced appetite for large-scale Bitcoin acquisitions.

Veteran trader Cold Blooded Shiller captured this sentiment perfectly in a tweet, stating: “$BTC with LTF hope, and the potential for HTF concerns” (LTF = short-term, HTF = long-term).

Also Read: Japanese Crypto Exchange Coincheck To List On Nasdaq Listing Via SPAC Merger

What Does This Mean for Investors?

The contrasting behavior of whales and Chainlink investors highlights the importance of considering multiple data points when making investment decisions.

While dwindling whale buying enthusiasm for Bitcoin presents a potential concern, on-chain accumulation of LINK suggests some investor confidence in the project’s long-term prospects.

The cryptocurrency market remains highly dynamic, and staying informed about emerging trends and investor behavior is crucial for success.

Benzinga’s upcoming Future of Digital Assets event, taking place on Nov. 19th offers a valuable platform for investors of all levels.

Read Next: Spot Bitcoin ETFs See $15M Outflows As Digital Asset Funds Continue To Bleed

Image: Shutterstock