Bitcoin Whales Accumulate Over 65,000 BTC Amid Market Downturn

Despite Bitcoin’s (BTC) price slipping below $80,000 due to panic selling, large holders, known as whales, have taken advantage of the situation to aggressively accumulate over 65,000 BTC.

According to on-chain data from CryptoQuant, shared on March 11, whales have been actively buying BTC at discounted prices over the past month. This accumulation comes despite the selling pressure affecting small holders.

Over the past 30 days, Bitcoin has experienced a 16% pullback, which has led to whales accumulating more than 65,000 BTC. This buying pattern is significant, as it demonstrates the absorption of BTC by large participants, excluding miners and exchanges, according to Cauê Oliveira, head of research and on-chain analyst at BlockTrends.

Although this does not mean immediate effects on the short-term price, it already demonstrates absorption by large participants, excluding miners and exchanges.

Upside Demand and Accumulation Patterns

A continuation of this accumulation pattern over the coming weeks could signal upside demand from large holders. Historically, whale buying has often indicated a bullish outlook, similar to the accumulation seen ahead of the bull cycle run in November and December.

However, it’s essential to note that downside action may not be over yet. Bitcoin miners have come under increasing selling pressure as BTC dips, adding to the downward trajectory.

Market Developments and Analyst Insights

After hitting an all-time high of $109K, Bitcoin has struggled with downside pressure. Key bounces have stalled at supply reload zones, including the psychological $100K level. This weakness has turned miners into “forced sellers,” contributing to the downward trend.

Analysts suggest that Bitcoin could dip further, with markets reacting negatively to tariffs and other developments. Notably, Bitcoin has retested support levels below $78K, with a potential “bloodbath” if it flips lower to touch $75K.

Arthur Hayes, co-founder and former CEO of BitMEX, believes that Bitcoin could revisit the $70K area, representing a 36% correction from Bitcoin’s all-time high. However, Hayes remains bullish long-term, viewing the dump as a chance to accumulate more.

Traders will try to buy the dip, if you are more risk averse wait for the central banks to ease then deploy more capital. You might not catch the bottom but you also won’t have to mentally suffer through a long period of sideways and potential unrealised losses.

As of 11:40 a.m. Eastern Time on March 11, Bitcoin traded around $81,220, slightly recovered from its intraday low of $76,780.

For more updates on the cryptocurrency market, visit Global Crypto News for the latest news and insights.

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