Analysts: The BTC price falling below the average cost of short-term holders has caused panic in the market, but whales continue to accumulate during the pullback

ChainCatcher news, on social media, on-chain data analyst Murphy stated that when the Bitcoin price falls below the short-term holder average price of $108,000, short-term sentiment shifts from anxiety to panic. Currently, it coincides with a low liquidity period over the weekend, which can lead to significant volatility.

For investors who remain optimistic about the long-term trend of BTC, they have not stopped accumulating during the pullback. The BTC balance on the Kraken trading platform decreased significantly by 41,512 BTC over the two days from August 27 to August 29. According to previous chain tracking, Kraken's addresses are closely linked with some treasury companies, traditional institutions, and OTC platforms.