This week, the cryptocurrency market is struggling, with Bitcoin's price dropping to a low of $89,550 on Tuesday, while the number of Bitcoin whale wallets has surged.
According to data from the crypto analytics platform Glassnode, whales have been accumulating Bitcoin since the end of October, especially since Friday, with a significant increase in the number of whale wallets holding over 1,000 Bitcoins.
The number of whale wallets fell to an annual low of 1,354 on October 27, when Bitcoin was trading at around $114,000, but as of Monday, this number has surged by 2.2% to 1,384, reaching the highest level in four months.
Meanwhile, Glassnode's data indicates that holders with 1 Bitcoin or more have felt the pressure from the recent price drop.
The total number of these wallets decreased from 980,577 on October 27 to 977,420 on November 17, marking a new annual low.
This data contradicts recent claims of "OG selling," which suggest that older investors have driven the Bitcoin price down by taking profits. Markus Thielen from 10X Research told Cointelegraph that while some whales are selling, the FOMC meeting of the U.S. Federal Reserve on October 29 had a significant impact on the current situation.
"His speech decisively broke the fragile balance between market sellers and buyers—between OG whale sellers (1,000-10,000 Bitcoins) and whale buyers (100-1,000 Bitcoins)."
"Super whales and mega whales are absorbing some of the whale sell-offs, but the 30-day net flow ratio between these groups still shows a clear net sell," he added.
Bitcoin fell below a key psychological level on Monday, currently trading at around $89,900. This has caused the crypto fear and greed index to drop into the "extreme fear" zone, scoring 11 out of 100.
While some may feel the pressure, executives from companies like Bitwise and BitMine expect the selling pressure on Bitcoin to ease and to hit a bottom this week.
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, stated in an interview with CNBC on Monday that the current price level represents a "generational opportunity."
"I think we are approaching the bottom. I believe this is a great buying opportunity for long-term investors. Bitcoin was the first to turn before this broader market correction. It's a bit like a canary in the coal mine, indicating some risk among all risk assets," Hougan said.
Elsewhere, while the "working at McDonald's" meme has resurfaced on X, executives like Cameron Winklevoss, co-founder of the Gemini crypto exchange, have taken a more optimistic stance, posting that this is "your last chance to buy Bitcoin for under $90,000!"
Another crypto analyst, including TheCryptoDog, also stated on X that given the current indicators, Bitcoin "will rebound soon."
"If things develop clearly and simply, $BTC will touch around $87,700—supported by some high time frame moving averages and levels of support from previous resistance (its breakout triggered the May rebound)," they wrote.
Related: Digital Chamber launches State Network initiative to guide cryptocurrency policy in U.S. states
Original: “Bitcoin (BTC) Whales Turn to Buying Amid ‘Extreme Fear’”
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