• BTC whales scooped 22K BTC during the recent dip. 
• Most whales have trimmed positions since last December. 

Bitcoin [BTC] whale wallets saw a spike in accumulation inflow of over 22K BTC during the dip on the 28th of January.

The king coin dropped to a low of $97.7K during the day’s trading session, offering a slight discount that was met with massive whale demand. 

For context, such spikes in whale accumulation coincided with local bottoms. 

Does that mean BTC marked $97K as the local bottom for a likely springboard for a higher move?

Well, the FOMC forward guidance and key U.S. inflation data (scheduled for Friday) could determine the asset’s next direction into February. 

Bitcoin whales decline

That said, many whales with over 1K BTC have been cashing out since mid-December.

Glassnode data revealed these whale entities had dropped 4% from 1,724 to 1,655, underscoring increased sell-offs in the past week. 

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Author: Benjamin Njiri

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