While the decline in Bitcoin and altcoins has caused some investors to panic and fear, for some investors it is simply seen as a good buying opportunity.
At this point, whales saw the sharp decline in BTC as an opportunity and started to accumulate.
According to a post by on-chain data analytics platform Spot on Chain, two new whales bought 2,435 Bitcoins worth a total of $145 million from Bitfinex and Binance.
Accordingly, one address starting with “bc1qr” purchased 1,500 BTC (worth $89.1 million) from Bitfinex at an average price of $59,393, while the other address starting with “0xbe6” purchased 935.1 WBTC (worth $55.6 million) from Binance at an average price of $59,451.
Apart from these whales, Jane Street, one of the market makers, is also accumulating Bitcoin. Accordingly, an address associated with Jane Street received $54.03 million worth of BTC from Gemini.
An address believed to belong to liquidity provider Jane Street purchased 911.19 BTC (worth $54.03 million) from Gemini at an average price of $59,296.
It was also stated that this address received 865 BTC and 1,147 BTC on January 20 and February 1, respectively.
*This is not investment advice.