Bitcoin whales are benefiting from the current cryptocurrency crash

<p>Despite the volatility, Bitcoin whale addresses with 100+ bitcoins are still accumulating in the 34k to 38k range, according to Santiment. The bitcoin crash shook the market when the digital asset dropped more than 50% from its all-time high of $33,000. Market sell-offs sent shockwaves through the financial sector, wreaking havoc on the cryptocurrency market. Investors scrambled to sell their holdings during this period, causing market sentiment to plummet.</p> <p>Whales are unconcerned.</p> <p>Whale addresses have received over 1.7 million $BTC in the last five years, with an additional 60k added in the last two months. Despite the fact that most retail buyers were scared during the March 2020 crash, these addresses managed to accumulate approximately 1 million BTC and hold them until the October 2020 rally began.</p> <p>During the early 2021 boom, they gradually liquidated a small portion of their assets, and when bitcoin began to fall in November, they began to accumulate again. These addresses increased their BTC holdings by 4.55 percent in just 30 days.</p> <p>One of the addresses amassed millions of dollars in Bitcoin during the recent price drop last week. Each purchase, which occurred every few hours, ranged from $2 to $18 million in BTC, with an average of 48,000 BTC. This whale appeared to be buying up all of the coins that were being thrown into the market. By the weekend, the wallet had successfully added nearly a hundred thousand bitcoins to its holdings. In response to the falling price, the whale would buy more bitcoins.</p> <p>Other whales have benefited from market declines. As the supply of foreign currency decreases, these massive investors ensure that there will be no shortage on their end in the event of a supply crunch.</p> <p>Bitcoin is gaining popularity</p> <p>After breaking through the $38,500 resistance level, Bitcoin's price began to fall. BTC has dropped below the $36,500 mark as well as the 100 hourly simple moving average.</p> <p>The bulls, on the other hand, were active