Bitcoin ( BTC ) whales continue to “buy the dip” as BTC price weakness sees a dip below $60,000.

Data from onchain analytics platform CryptoQuant uploaded to X by contributor Axel Adler Jr. on Oct. 11 shows that whales have accumulated 1.5 million BTC over the past six months.

Bitcoin whale accumulation: “Nothing to discuss here”

Bitcoin whales are wasting no time upping their BTC exposure — a trend in place practically constantly since March’s all-time highs.

Analyzing known whale wallets not belonging to miners or centralized exchanges, Adler confirmed a clear strategy being employed by large-volume investors.

“1.5M BTC has been accumulated by whales (with >1K BTC on balance) over the last 6 months,” he commented.

“There's really nothing to discuss here.”

Bitcoin whale balance. Source: Axel Adler Jr.X

Adler acknowledged that smaller whales — those with less than 1,000 BTC — had conversely been selling over the same period.

Zooming into the most recent price action, CryptoQuant shows that other classes of Bitcoin investors have been selling at a loss.

In particular, Bitcoin speculators, also known as short-term holders (STHs), have repeatedly sold coins at a loss on exchanges in 2024.

As BTC/USD slid below $60,000 on Oct. 10, Adler uploaded a chart of STH profit and loss (P&L) on transactions to exchanges. It is these coins, he reasoned, that the largest whales are feeding on.

“Don't believe that whales accumulated 1.5M BTC and wonder where they got it from? How about taking a look at the loss-making sales on exchanges?” he wrote.

“In the last 24 hours, 24.1K BTC were sold at a loss.”

Bitcoin STH P&L. Source: Axel Adler Jr.X

STH entities, which are wallets hodling a given amount of BTC for up to 155 days, are well known for their reactionary buying and selling behavior.

BTC price volatility in a given direction can result in a rapid sell-off or buy-ins by the cohort, as evidenced by their response to Bitcoin’s recent trip to $66,000.

Whale growth could precede “potential upward move” for BTC price

Continuing on whales, meanwhile, fellow CryptoQuant contributor DarkFost called whale accumulated between $54,000 and $68,000 “significant.”

Related: Bitcoin 'capitulation incoming' as liquidity risks sub-$50K BTC price

“New whales are entering the game and accumulating strongly, while existing whales are also increasing their positions,” he concluded in a Quicktake blog post. 

“Overall, we’re seeing all whales accumulating in this price zone. Their growing balances suggest that a potential upward move could be on the horizon, either in the mid-term or long-term.”

Bitcoin whale numbers by size (screenshot). Source: CryptoQuant

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