Bitcoin whales continue to acquire BTC tokens amid falling crypto prices

Bitcoin is the one-of-a-kind investment asset that is being aggressively compared to traditional and infact, crucial investment assets, like gold and real estate. Crypto fanatics say Bitcoin is the digital gold, but its current price kind of suggests otherwise. The collective enthusiasm around Bitcoin has triggered investors into contemplating when BTC will be recognized as the new reserve asset in centralized financial institutions. But its present volatility is dragging investors from rags to riches, making them wary. There are several investors who have already sold off their BTC investments and fled the market amid fears of being exposed to higher financial threats. According to reports, this recent crypto market crash has robbed around 80,000 Bitcoin millionaires of their 'millionaire' status, but surprisingly, Bitcoin whales seem to have not lost their hopes and continue to buy Bitcoin quite aggressively.

Initially, when the price of Bitcoin fell below the US$30k mark, it scared away most investors. This fall was followed by the great implosion of the Terra stablecoin, which ended up losing its dollar peg and in turn destabilized the entire crypto market. In this context, more investors continued to leave the market. The internet was flooded with predictions about the demise of Bitcoin. But Bitcoin whales seem to remain untethered from their position to support the crypto. The extreme fear in the crypto market is evidently no reason to dump the tokens. This phenomenon does have its positive sides. BTC whales withholding more tokens might eventually give hope to other investors that the crypto still has the fighting chance to regain back its lost market dominance.

Why are Bitcoin whales still bullish on the crypto?

The analytics team from Santiment has tweeted that over the past five weeks, over 50,000 BTC tokens have been added to crypto wallets belonging to Bitcoin whales. Investors are grateful to BTC whales since their aggressive acquisition of BTC has resulted in an increase in the number of tokens that these BTC big shots hold, surging it above 4 million coins. Earlier, Glassnode had also reported that whales are adding aggressively to their remaining tokens, acquiring over 100,000 tokens per month directly from exchanges. Whales dramatically buying cheap BTC tokens is an indication that the crypto will soon return to brand-new bullish price movements.

Currently, the price of Bitcoin, at the of writing this article is revolving around the US$19k mark and still has chances of falling further down. The dramatic fall in cryptocurrency is mainly due to the volatile economic and financial conditions and also the drastic socio-political crisis existing between Russia and Ukraine. Investors are anticipating whether or not, with BTC's constantly declining values, the crypto will efficiently and effectively survive the incoming recession. Even though the rising number of wholecoiners does little to support the price of the crypto, it surely does give hopes that the price will rise to regain its lost market value, or at least gain resistance before diving into the deep end.

So, should you buy Bitcoin right now?

A few weeks ago, Bitcoin wholecoiners experienced all-new highs as Bitcoin whales and other smart investors continued to accumulate BTC at an exponential pace. According to reports, the number of Bitcoin wallet addresses that contained one BTC or more increased by over 14,000. Also, the total number of 'wholecoiners' rose by almost 700,000. This price action was perpetrated at a time when the crypto was experiencing heavy losses. Analysts who monitor the movements of digital assets concluded as a joke that the token might end up losing all its value and land at US$0. As Bitcoin's price declined dramatically, investors started preparing for the worst-case scenario.

But based on the actions of Bitcoin whales, this might not be the case. We all have to accept that the current economic climate is very different from the past, with the global economy on the verge of collapse. Bitcoin continues to remain a risky asset, and the fact the BTC sharks continue to acquire the tokens should not be considered as any sign of stability in the crypto market. There is still a strong chance that the crypto prices will decline in the upcoming months, but it seems like, this will only enhance the number of Bitcoin investors in the market.