Whales involved as Bitcoin market dips

After an impressive rally, the leader in the crypto currency market suffers a major slump over the weekend.

Bitcoin had reached a price just above $40,000 which is the highest point it had reached till date, before suddenly dropping to a price of around $35,000 today.
In the light of this event, serious cause for concerns have been seen among many retail investors thinking about their next move.
Due to the recent slump in the price of Bitcoin, many have been busy taking off their investments.

To prevent further damage in their investments, many traders and investors had to let go off their positions. However some key group of investors has gone against this play even as the crypto asset is bleeding value. The "Whales" are doing the opposite by buying more of the crypto asset during this decline period.
Elias Simos @eliasimos from Bison Trails reported addresses holding more than 1000BTC are increasing, backing santiment's previous findings which was published late last year. This actions by the Whales has been high so far this month. It was of keen note by the independent researcher that wallets with over 1000BTC which is the equivalent to $350,000,000 at the current exchange rate of BTC/USD have been on a parabolic rise.

Addresses with more than 1000BTC continues to grow at the expense of others - inspite of the most recent downturn taking place. “while you are selling the Whales are gobbling up your Bitcoin” he wrote.

Addresses of Bitcoins owner with varying amount in them. Source: Twitter

Lark Davies a crypto analyst has warned that the Whales may gobble up small investor.