Bitcoin whales buy up 34,000 BTC during recent correction

Bitcoin whales (large holders) have been buying up large amounts of Bitcoin since the price crashed at the end of 2024.
On the 8th (local time), Blocktrends research director Kaue
Cauê Oliveira said institutional investors sold off large amounts of Bitcoin after it peaked at the end of December, but when the price fell below $100,000, they started buying back again.
"Institutional investors purchased 34,000 BTC, or roughly $3.2 billion," Caue Oliveira wrote in a post on CryptoQuant.
"They have entered the market and are now putting buying pressure on Bitcoin's recovery," he said. In addition, since December 21, wallets that held between 1,000 and 10,000 BTC have dropped to 79,000 BTC in a week.
This comes just days after Bitcoin topped $108,000 following the Federal Reserve's interest rate cut on December 17.
This ultimately led to a 15% correction. He continued, "Large investors seized the opportunity during the correction and started buying," and "they split the trade into multiple smaller orders, which caused Bitcoin to fall.
"The company bought the cars for less than $95,000."