Bitcoin (BTC) investors endured a (mostly down) rollercoaster of action as prices plummeted through the weekend to $49,000 by early Monday before modestly rebounding to around the $56,000 level in morning U.S. hours, triggering diverse reactions by holders.Bitcoin whales, or large asset holders, seized the opportunity of lower prices to purchase, while small investors sold as the panic ensued, data by blockchain analytics firm IntoTheBlock shows.
Crypto wallets holding between 1,000 and 10,000 BTC, worth roughly $56 million and $560 million at current prices, "demonstrated confidence during the recent dip, consistently increasing their holdings as prices fell," IntoTheBlock analysts said.
Meanwhile, wallets with less than 1 BTC "showed weak hands, with the most substantial decrease in holdings during yesterday's market downturn, they added.