Whales, on the other hand, see the present dip of Bitcoin and other cryptocurrencies as an opportunity to strengthen and acquire more.
According to data from the "Bitinfocharts" portal, the third-largest bitcoin whale purchased more bitcoin at the start of the new year.
The third-largest bitcoin address added 456 bitcoins with an average worth of $46,363 on January 4, according to the data.
The most recent sale was estimated to be worth around $21 million.
This is the entity's first large purchase, as it also purchased 6 bitcoins 55 minutes before the new year began.
This whale, which ranks third in bitcoin ownership, has 120,845.57 bitcoins worth almost $5.6 billion at the time of writing this piece.
This whale appears to have made the most of the present price volatility.
Bitcoin's price has dropped 1.25 percent in the last 24 hours and 4.9 percent in the last week, with the current price hovering at $46,611.
This has pushed bitcoin's dominance, a metric that measures bitcoin's market share compared to the whole market, below 40%.
Despite this, the recent collapse of Bitcoin below the threshold of 47 thousand dollars had an impact on various digital currencies, as it accompanied it, and the rates of loss differed from one currency to the next.
