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On-chain analyst CW said cumulative volume delta data showed the recent Bitcoin decline was marked by notable selling from “purple whales,” or mid-to-large holders placing orders worth $100,000 to $1 million. CW said BTC fell as selling from that group intensified, and flows later showed the same group turning back to buying after the decline. “Red whales,” referring to orders worth $10,000 to $100,000, have also kept buying after BTC fell, while retail investors continue to sell. According to CoinMarketCap, BTC was trading at $83,804, down 2.64%, at the time of writing.