Large bitcoin investors, known as whales, appear to have bought Monday's price dip at $30,000, indicating further confidence in the ongoing bull market, as some retail customers sold.

Bitcoin "whales” are defined by CoinDesk as wallet addresses with more than 1,000 BTC or at least $37 million. The number of whales has increased nearly 25% since January 2020, and up 4% since November. Over 2,140 whale address hold over $350 million in combined value, according to CoinDesk.

The increase in whales has came even as Bitcoin's price collapsed by more than 20% to hit a low of $30,305 on Monday. The violent sell-off was fueled by heavy short selling in the options market and record trading volumes. According to CryptoCompare, bitcoin trading volumes on the top eight exchanges passed $11 billion in one day, a new all-time high over 2017's crypto bull market highs.

Many of the whales may be institutional money in disguise, compared to previous rallies led by speculation and retail customers. In addition, sell pressure from short sellers has been visibly lower in the past weeks, as the risk tolerance to short bitcoin just isn't there right now. An estimated 78% of all bitcoin (14.5 million BTC) is now in cold storage, meaning it's less likely to be sold on exchanges during volatile periods. This paints a potential bullish picture for bitcoin in the upcoming months as majority of the coins are being held for the long-term. A common trend in bull markets is weak hands selling to strong hands; in most cases, the richer the investor, the stronger the hands.

The number of addresses holding less than 0.01 BTC dropped slightly from 8.54 million to 8.53 million total addresses, indicating that that some 10,000 investors might have traded all their bitcoin. Bitcoin seems intent on holding the $30,000 floor for awhile longer as it claws back to $40,000. Bitcoin is trading at $37,300 at the time of writing.