During the recent Crypto Black Monday, Bitcoin plunged below $50,000, triggering a significant accumulation by whales holding 10-1,000 BTC. Onchain data reveals the highest whale transactions since April, with a noticeable rebound in Bitcoin’s value.
Crypto Black Monday: Bitcoin Plummets Below $50,000
As Bitcoin dropped below $50,000 during “Crypto Black Monday,” Santiment discovered that wallets containing between 10 and 1,000 BTC “rapidly accumulated.”
Onchain data shows that on August 5 and 6, during an extreme crypto market meltdown, bitcoin whale transactions reached their highest levels since April.
Santiment’s Insights on Whale Activity
On-chain analytics platform Santiment disclosed wallets with total holdings between 10 and 1,000 in a post on X on August 8.
Bitcoin at $56,872.98
“quickly accrued during the market downturn that saw the leading cryptocurrency drop below $50,000.”
Santiment claims that over the two days when cryptocurrency values plummeted, there were 28,319 BTC transactions for more than $100,000 and 5,738 transactions worth more than $1 million.
Analysis of Whale Transactions and Market Impact
On August 5, Bitcoin had a roughly 18% decline, falling from just over $60,000 to less than $50,000 in less than a day. After the slump buying, it has, nevertheless, somewhat rebounded to regain the $57,000 mark.
Cointelegraph Reports on Whale Holdings and Market Movements
According to a Cointelegraph story published on August 7, over the course of the previous 30 days, Bitcoin whales—also known as permanent holding addresses—have amassed about $23 billion in assets, with their activity peaked during the market meltdown.
CryptoQuant’s Findings on Bitcoin Transfer Trends
“It’s definitely accumulation,” stated Ki Young Ju, the CEO and founder of CryptoQuant, revealing that over 400,000 Bitcoin had been transferred to permanent holder addresses since the beginning of July.
Additionally, he stated that between March and June, whales who had held Bitcoin for longer than three years sold their holdings to younger whales, but that “old whales are not exerting any significant selling pressure at this time.”
Days before the major decline, on August 3, Cointelegraph revealed that whales were removing Bitcoin from exchanges at a rate not seen in nine years. The report states that since 2015, the largest amount of Bitcoin has been moved out of exchanges by bitcoin whales holding at least a thousand coins.
Spot Bitcoin ETFs: A Divergent Trend Amid Market Chaos
That cannot be said, however, for investors in spot Bitcoin ETFs in the United States, where Farside Investors reports that between August 2 and 6, there were withdrawals totaling $554 million.
Market research Company 10 x Research stated on August 8 that “the absence of [ETF] buyers during this dip is alarming and raises concerns about the direction of the market
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