Bitcoin (BTC) whales are back buying the dip while “panic” is keeping smaller investors away

Data from onchain analytics platform CryptoQuant shows sell-side pressure from Binance whales cooling.

Bitcoin whales are continuing to buy up BTC at lower prices despite "panic" keeping smaller investors largely away from the market.

Data from onchain analytics platform CryptoQuant reveals that sell-side pressure from Binance whales is cooling.

Bitcoin whales reset market approach

Bitcoin (BTC) at $80,000 is proving attractive for large-volume investors, or at least a poor value selling proposition for those wishing to exit the market.

In a "Quicktake" blog post on March 12, CryptoQuant contributor Darkfost revealed that the proportion of the top 10 largest inflows to Binance attributed to whales has declined.

"Monitoring whale behavior has consistently provided valuable insights into potential market movements," they summarized.

Bitcoin exchange whale ratio (Binance). Source: CryptoQuant

The exchange's whale ratio has, in fact, exhibited a broad downtrend since mid-January when BTC/USD hit its latest all-time highs.

"Currently, this ratio is decreasing, implying that Binance's whales are reducing their selling pressure," the post continued.

As Cointelegraph reported, both whales and larger entities holding at least 10 BTC have begun to accumulate coins this month, albeit at modest rates.

Prospective BTC buyers 'hesitant' at $80,000

Overall appetite for BTC exposure nonetheless remains suppressed.

In the latest edition of its regular newsletter, "The Week Onchain," analytics firm Glassnode pointed to lackluster demand at current prices.

It referenced capital flows by short-term holders (STHs) — speculative entities holding coins for up to six months. Within this cohort, buyers holding between one week and one month now have a lower cost basis than those holding for between one and three months.

"With Bitcoin prices dropping below $95k, this model also confirmed a transition into net capital outflows, as the 1w–1m cost basis fell below the 1m–3m cost basis," the researchers explained.

Bitcoin STH capital inflows (screenshot). Source: Glassnode

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