[Analysis] "Bitcoin Whales Accumulate Over 34,000 Bitcoins During Correction"

While Bitcoin (BTC) is showing a bearish trend, it appears that whales (addresses holding 1,000 or more Bitcoins) have been accumulating Bitcoin in large quantities.

On the 9th, CryptoQuant contributor Kauai Economy reported in a report that "institutional investors sold 79,000 Bitcoins over the past week as Bitcoin prices fell, causing a 15% drop from the peak." However, "whales began purchasing Bitcoin at a price range of $95,000 during this correction period," he added.

He continued, "Over the past 30 days, institutional investors have purchased more than 34,000 Bitcoins, which has exerted upward pressure on Bitcoin."

He also emphasized, "Despite a portfolio adjustment period for institutions, the on-chain accumulation of Bitcoin, which has been ongoing since June 2023, continues. This shows that institutional interest in Bitcoin remains high, even as individual investor demand hits a five-year low."