CandleFocus

Whales buy Bitcoin and XRP dip as bull cycle shows resilience

Author: Content Editor
The dip in crypto prices has allowed whales to accumulate more assets, according to technical analyst Ali Martinez. Martinez noted that 342 new wallets holding more than 100 BTC were created during a Bitcoin price dip. He believes that whales buying every dip is a bullish sign for Bitcoin and that the price correction is a test of investors' resilience. Analysts also observed that US institutional investors aggressively bought Bitcoin during the dip, as indicated by the surge in Coinbase Premium. Whales also bought more than 100 million XRP as its price fell. However, the dip appears to be over for now, as most crypto assets have seen a surge in price in the last 24 hours. Bitcoin is back above $101,000. Analysts believe that the rebound was not surprising and that fear and panic selling are positive signs of retail capitulation. The quick rebound can be attributed to steady demand from institutions and ETFs. Glassnode data shows that this bull cycle has been the least volatile for Bitcoin. Despite the return to high prices, concerns remain about how long the bull cycle will last. Glassnode experts believe the cycle is still in the mid-to-late stage with potential for more price increases. The distribution of BTC holdings among long-term and short-term holders has changed, but the level of distribution has increased in the last 30 days. The decline in the mean dollar invested age for various cryptocurrencies suggests distribution, and historically, a bull market ends when the mean age starts increasing.

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