Large investors in the Bitcoin network have been purchasing more of the cryptocurrency despite recent market panic over a crash, as indicated by on-chain data.

Data from the market intelligence platform IntoTheBlock reveals that the largest wallets on the Bitcoin blockchain have experienced significant net inflows recently. This metric, known as "Large Holders Netflow," tracks the net amount of Bitcoin entering or leaving wallets held by entities classified as "Large Holders."

IntoTheBlock defines Large Holders as investors who own at least 0.1% of the total circulating supply of Bitcoin, which currently amounts to approximately 19,700 BTC, valued at over $1.2 billion at current exchange rates. These holders wield considerable influence in the market due to their substantial holdings.

Monitoring the behavior of these Large Holders is crucial as it provides insights into market sentiment among these influential entities, even if their actions may not directly impact Bitcoin's price.

Recent data shows that the Bitcoin Large Holders Netflow has consistently remained positive over the past few weeks, indicating that these investors have been accumulating Bitcoin. This accumulation trend by whales has coincided with a period of bearish market sentiment, culminating in a recent price crash that saw Bitcoin dip below $60,000.

During the recent market downturn, Large Holders took advantage of the lower prices to significantly increase their holdings. On the day of the dip, these investors added a net amount of 7,130 BTC to their wallets, amounting to nearly $439 million at current prices.

This robust buying activity suggests that these Large Holders view the recent market lows as an attractive opportunity for further accumulation, despite prevailing fear, uncertainty, and doubt (FUD) in the broader market.

Simultaneously, a bullish development was observed as exchanges received substantial inflows of USD Coin (USDC) yesterday, according to IntoTheBlock Head of Research Lucas, potentially indicating increased buying pressure for Bitcoin.

Overall, despite recent price fluctuations, Bitcoin is currently trading around $61,500, reflecting a moderate decline over the past week.