The spectacular November start, with peak prices of $68,789 on November 10, came to an abrupt halt. Bitcoin traded below $57k in 18 days and fell by over 17% during the previous week.

While Bitcoin’s market performance has been disappointing, Bitcoin is still being accumulated by investors. The increasing inflow of institutional funds and growing numbers of Bitcoin wallet addresses are evidence of this.

Bitcoin Whale buys the dip

Bitcoin whales purchased up to 59,000 Bitcoins during a period of one week as Bitcoin’s price plunged below $56k.

In 48 hours, the third largest Bitcoin whale purchased nearly 1000 BTC during a time when Bitcoin was trading between $59250 and $54,000. This is the 11th purchase on the whale’s wallet address this month, which now holds a total of 114,999 BTC.

Flipside

• Although long-term BTC investors have continued to increase and hold their positions, shorter-term BTCholders have sold more substantial BTC portions.

Glassnode data shows that Bitcoin’s current price is still considered to be a bargain. This is why whales have accumulated a lot of BTC.

The Bitcoin Long-term Holder net position change. Glassnode

The data shows that whales tend to buy Bitcoin at higher prices than those of $58k or $52k. This time the 50k+ level may represent the lowest price floor or accumulation point for BTC whales.

How to Care.

The actions of Bitcoin whales debunks the myth that Bitcoin is on a long-term slide, giving Bitcoin-believers the hope that it won’t be long until another bullish outbreak

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