Over the weekend, Bitcoin (BTC) witnessed a massive drop reaching lows near the $61,000 level. Now, Bitcoin (BTC) has recovered by 3%, yet, whales have not yet shown significant aggression in buying BTC amidst this positive turnaround. 

According to IntoTheBlock, the “large holder netflow” indicator reveals that addresses that own at least 0.1% of Bitcoin’s circulating supply have acquired slightly over 3,000 BTC. This figure shows less net inflow of nearly 80,000 BTC observed the day after the dip below $61,000 on March 20. 

IntoTheBlock suggests that whales demonstrate proficiency in market timing, frequently selecting optimal moments to accumulate or distribute coins. Therefore, monitoring the netflow indicator provides valuable insights into the sentiments and intentions of significant traders, as well as the durability of the current trend. 

In this case, the absence of whale involvement in the recovery suggests that whales may anticipate a further price decline. Last week, Bitcoin experienced a decrease of over 5% amid a rally in the dollar index and escalating tensions between Iran and Israel, prompting an outflow of money from risk assets like stocks and crypto and into gold. 

Meanwhile, crypto analyst CrediBull showed a report of bids amounting to $120 million worth of Bitcoin (BTC) were unexpectedly withdrawn from the market. These sudden withdrawals of bids are rare and can often signify changes in market dynamics.  

However, despite the massive withdrawal, CrediBULL highlighted that the spot market continues to trade at a premium. Immediate price fluctuations following such occurrences are typically influenced by market liquidity and the depth of order books. Nevertheless, a considerable portion of potential buying capacity has been withdrawn, yet the remaining market participants seem unfazed, persisting in valuing Bitcoin above recent average exchange rates. 

As of press time, Bitcoin is trading at $66,590.28 showing a 3.26% increase in the last 24 hours.