Here’s What BTC, DOGE, XRP Whales Did During The Market Correction

TL;DR:

The cryptocurrency market underwent a sharp downturn before recovering, with Bitcoin (BTC) surpassing $100,000 once again. On-chain data reveals that major cryptocurrency holders seized this opportunity to accumulate assets.

BTC Whales Accumulate

Bitcoin's price trajectory since the week's beginning has been volatile. Over the weekend, BTC attempted to break through $100,000, but faced resistance and corrections that pushed it down. The cryptocurrency lost over $6,000 on Monday and Tuesday, reaching a low of $94,400 before finding support.

Yesterday, BTC rebounded significantly, gaining nearly $8,000 in under a day, reaching $102,000 (as per Bitstamp).

These price fluctuations led to the liquidation of over 500,000 overleveraged traders. However, analysts suggest that seasoned investors use these corrections to acquire more assets.

According to on-chain data shared by analyst Ali, 342 large wallets (holding at least 100 BTC) were created during this retracement.

XRP and DOGE Whales Active

Beyond Bitcoin, whales also showed interest in other cryptocurrencies like Dogecoin (DOGE) and Ripple (XRP).

During XRP's price drop from over $2.4 to under $2, whales purchased over 100 million XRP. Despite being one of the worst performers during the market decline, XRP has recovered and is currently trading above $2.4.

DOGE, a prominent meme coin, experienced significant volatility, with its price falling from $0.44 to under $0.37 before rebounding. During this period, DOGE whales acquired 210 million DOGE.

Conclusion

Recent market fluctuations appear to have been utilized by cryptocurrency whales to accumulate more assets of BTC, DOGE, and XRP.