After facing rejection at $28,000 earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) is facing strong selling pressure and currently trading 1.81% down at $27,094 with a market cap of $528 billion.

During the broader market sell-off, Bitcoin has been relatively less volatile while outperforming altcoins. As a result, Bitcoin has managed to extend its crypto market share above 50%. Partly, thanks to whales who have continued with strong accumulation even during the sell-off over the last week.

Bitcoin Whale and Institutional Accumulation

Popular crypto market Ali Martinez noted that since the beginning of October 2023, whales have purchased nearly 20,000 Bitcoins worth a total of $550 million.

#Bitcoin whales have purchased around 20,000 $BTC since the beginning of October, worth roughly $550 million! pic.twitter.com/47ZePiaIII

— Ali (@ali_charts) October 10, 2023

Despite the current selling pressure, Bitcoin has continued to witness institutional inflows during the last week. In the second consecutive week, digital asset investment products witnessed inflows amounting to $78 million. Bitcoin, in particular, reaped the rewards with inflows totaling $43 million. Nevertheless, some investors perceived the recent price surge as a chance to bolster their short positions on Bitcoin, resulting in inflows of $1.2 million over the same timeframe.