Major cryptocurrency whales are still buying the recent Bitcoin (BTC) price dip, but a recent report suggests that their conviction to the crypto market’s continued bull run may be dwindling.

According to data from analytics firm IntoTheBlock, there has been a potential shift in the behavior of major Bitcoin investors, often referred to as “whales,”  which have historically been quick to capitalize on price dips, accumulating BTC during periods of weakness.

IntoTheBlock’s analysis raises concerns about waning enthusiasm among these large investors, with its data indicating a decline in flows from wallets holding over 1,000 BTC, a metric that tracks the movement of Bitcoin in and out of these whale wallets.

This decline comes after a period of significant accumulation earlier this year, particularly during market pullbacks, with IntoTheBlock noting that while there’s a spike in whale accumulating after every price drop, each of these spikes “is smaller than the last.”

The firm’s analysis raises the question of whether whales have less appetite to buy the dip, after the flagship cryptocurrency’s latest halving event failed to materially help the price surge and as inflows to spot Bitcoin exchange-traded funds (ETFs) started slowing.

Bitcoin is at the time of writing trading at $62,600 after moving up around 3% over the past week, but after losing nearly 10% over the last 30-day period, after a bull run that saw its price hit a new all-time high of around $73,500 after the launch of spot ETFs in the US.

While the halving failed to so far help BTC’s price move up, Coinbase shared on the microblogging platform X (formerly known as Twitter) that historical data shows the price of Bitcoin “is range bound for the first few months after the halving before price action increases significantly.”

The data shows that Bitcoin is currently following its historical patterns and could still move up significantly in the near future as the lower incoming supply starts impacting the market.

As CryptoGlobe reported BNP Paribas, the second-largest bank in Europe whose asset management arm has over $600 billion in assets under management, has gained exposure to the flagship cryptocurrency via a spot exchange-traded fund.

Large institutional investors managing over $100 million in assets have to, every quarter, disclose their holdings via 13F filings and after the successful launch of spot Bitcoin exchange-traded funds in the U.S., these filings have been closely watched by industry sleuths.

While previous filings for the first quarter of 2024 showcased purchases by asset managers, family offices, and several smaller banks, BNP Paribas’ involvement marks a turning point even though the bank allocated a miniscule part of its holdings to the flagship cryptocurrency, acquiring around $40,000 worth of it.

Featured image via Pixabay.