Here’s what BTC, DOGE and XRP whales did during the market correction

TL:DR;

The entire cryptocurrency market experienced sharp declines in recent days before prices recovered, with BTC once again jumping above $100,000. On-chain data shows that whales holding some of the biggest and most popular crypto assets took this opportunity to pile in.

Buy BTC whales

Remember the price events that happened since the beginning of the week. Bitcoin tried to break $100,000 on a couple of occasions over the weekend, but each was met with a severe correction that pushed it hard south. In fact, the largest cryptocurrency poured more than six thousand twice and dropped to $94,400 on Monday and Tuesday, where it really found the necessary support.

It bounced back quite impressively yesterday, gaining almost eight thousand in less than a day from its aforementioned fund to $102,000 (local peak on Bitstamp).

These violent price swings wiped out more than 500,000 over-leveraged traders at one point and often drive so-called “weak hands” out of the market. However, those with stronger convictions, typically larger investors, use these corrections to accumulate more assets.

This was the case for BTC, according to on-chain data shared by popular analyst Ali, who noted that 342 large wallets (containing at least 100 bitcoins) were created during this pullback.

#Bitcoin whales are buying every bath! In fact, 342 portfolios with more than 100 $BTC they were created when prices dropped from $104,000 to $90,000. pic.twitter.com/cMJRnshOAt

— Ali (@ali_charts) December 11, 2024

XRP and DOGE, too

But it’s not just bitcoin. It appears that wealthy investors are also very bullish on other cryptocurrencies, including Dogecoin (DOGE) and Ripple (XRP).

More data shows that whales bought more than 100 million XRP during the asset’s decline, from more than $2.4 to less than $2. It was one of the worst at one point during the market-wide corrections, but managed to erase all losses and is now back above $2.4.

In the recent dip, whales bought over 100 million $XRP! pic.twitter.com/xU2YscIkvj

— Ali (@ali_charts) December 11, 2024

Being the largest and oldest representative of the ever-volatile meme coin sector, DOGE was not spared from volatility either. Its price dropped from $0.44 to less than $0.37 before recovering well above $0.4. During this crisis, DOGE whales accumulated 210 million of the asset.

#Dogecoin the whales bought 210 million $DOGE during the recent price correction! pic.twitter.com/0vG2iN1fvJ

— Ali (@ali_charts) December 11, 2024

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!