Large investors in Bitcoin (BTC) seem undeterred by the recent price decline and are continuing to buy the largest cryptocurrency as its value slides lower.
So called “Bitcoin whales,” large institutional investment firms and big holders of the cryptocurrency, have been substantially increasing their holdings in recent weeks as the price has fallen below $26,000 U.S.
Data from crypto analytics firm IntoTheBlock shows that large Bitcoin holders have purchased about $1.5 billion U.S. of the cryptocurrency since the last two weeks of August when the price began to decrease.
Buying in Bitcoin accelerated as the price sunk to a two-month low at the end of August, suggesting long-term holders remain bullish on the digital asset.
Large holders first began buying Bitcoin aggressively on August 17, when the price fell more than 10% to below $26,000 U.S., its lowest price since June of this year.
A recent court decision that ruled the U.S. Securities and Exchange Commission (SEC) must reconsider an application for a Bitcoin exchange-traded fund (ETF) by investment firm Grayscale also led large holders to ratchet up their purchases.
Earlier this year, Bitcoin had been trading above $30,000 U.S. Despite the late August decline, Bitcoin has risen 55% this year, outpacing stocks and most other asset classes.
