Bitcoin whales see the recent bitcoin decline as an opportunity to boost their bitcoin wallets.
Bitcoin whales, represented by wallet addresses holding between 1,000 and 10,000 bitcoins, have expanded their own wallets in the past 48 hours.
According to Santiment, large Bitcoin wallets have added nearly 40,000 BTC to their holdings in the past two days.
As of today, BTC whales are holding the same number of coins as they did before the start of the latest decline.
As a result of the recent buildup, the price of Bitcoin soared to over $42,000.
In addition, the dominance of Bitcoin in the cryptocurrency market increased during the mentioned period.
Bitcoin has rebounded and is over $1,000 in price in the last 5 hours.
Bitcoin is now trading at $42,000, this comes after whales have amassed 40,000 more BTC in just the past two days.
The whales are now back in possession of the same amount before it started declining at $49,000, which was confirmed by Santment data.
During periods of the crypto market correction in 2021, long-term bitcoin holders avoided panic selling.
The data indicates that most bitcoin holders increased their holdings and bought the dip.
Bulls and bears:
While Bitcoin bulls enjoyed big price jumps in 2021, the bears pushed the price of Bitcoin significantly lower during the first two weeks of 2022.
Bitcoin is currently trading down almost 35% from its all-time high.
Due to the market flooding, nearly 30% of the bitcoin supply in circulation has fallen into an unrealized loss.
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