On-Chain Data Shows Bitcoin Whales Bought the Dip

On Feb 28, the Bitcoin price cratered below $44k, forcing some traders to liquidate their positions and book profits.

Amid the panic, whales were buoyant and confident, scooping BTC at a discount.

According to GlassNode, there was a sharp spike in the illiquid supply of Bitcoin, indicating the shift of ownership from hot traders to more conservative HODLers.

Interestingly, although the number of whales—or illiquid supply of Bitcoin, is lower than January’s, the expansion of the number of addresses traditionally holding–especially at the recent contraction– suggests general market confidence.

In return, this could see the Bitcoin price recover from February lows towards $58k.

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