Large investors in the Bitcoin network have been buying while the market panics about the latest crash. On-chain data reveals this trend.
The "Large Holders Netflow" indicator has been positive recently. It tracks the net amount of cryptocurrency entering or exiting wallets of "Large Holders".
IntoTheBlock defines Large Holders as investors owning at least 0.1% of the circulating supply. Now imagine this, their holdings equal about 19,700 BTC. As of now, it's worth over $1.2 billion.
These Large Holders could influence the market and their behavior may provide insight into sentiment among major players. Like, in last weeks the whales has been mostly positive. We can tell that by net deposits to their wallets.
Whales have been accumulating during Bitcoin's bearish momentum. The trend culminated in a crash yesterday, with prices dropping below $60,000.
Whales seized this opportunity and displayed their strongest net inflows since late May. In fact, large investors bought 7,130 BTC during the dip. That's a whopping $439 million.
As you can see, whales see recent lows as a profitable accumulation opportunity. They are definitely expecting the price to surge, which will allow them to profit.
Another potentially bullish development has occurred. IntoTheBlock Head of Research Lucas noted large USD Coin (USDC) inflows to exchanges yesterday.
Investors typically transfer coins to exchanges for trading. These USDC inflows could indicate intention to swap for other cryptocurrencies, possibly Bitcoin.