Crypto Whales Accumulate Bitcoin and Ethereum in Dip

Major cryptocurrency investors, known as whales, have re-entered the market with substantial long positions in Bitcoin and Ethereum, signaling renewed confidence amid recent price volatility that saw Bitcoin drop to its lowest level in seven months.

On November 21, Bitcoin's price fell to 80,600 on Coinbase, prompting increased exchange inflows of up to 9,000 BTC daily, according to on-chain analytics. Much of this activity stemmed from large deposits of 100 BTC or more, totaling 45 percent of inflows and indicating preparation for sales by major holders. This selling pressure contributed to a broader market drawdown, with Bitcoin's open interest plummeting by about 1.3 million BTC over the past 30 days, primarily on platforms like Binance. Analysts noted that such inflows often precede further declines, as investors rotate into stablecoins; Binance's reserves hit a record 51 billion, while Bitcoin and Ether inflows reached 40 billion for the week.

Despite the downturn, whale behavior has shown a divergent pattern. One prominent Bitcoin holder, inactive for 18 months, opened an 18x leveraged long position valued at 56.7 million, currently holding an unrealized profit of 4.39...