Bitcoin (BTC) investors navigated a tumultuous weekend, witnessing prices plunge to $49,000 before a tepid rebound to approximately $56,000 during Monday’s U.S. morning trading hours. This volatility elicited varied responses from different investor demographics.

Amidst the price drop, Bitcoin whales—large holders of the asset—capitalized on the lower prices, augmenting their holdings. Conversely, smaller investors succumbed to panic, liquidating their assets. Blockchain analytics firm IntoTheBlock highlighted this dichotomy, revealing that wallets holding between 1,000 and 10,000 BTC, valued between $56 million and $560 million at current prices, exhibited steadfast confidence during the downturn, persistently accumulating more Bitcoin.

In stark contrast, wallets containing less than 1 BTC demonstrated fragility, showing the most significant reduction in holdings during the market upheaval.

Data from Farside Investors indicated that U.S.-listed spot Bitcoin exchange-traded funds (ETFs) experienced $168 million in net outflows on Monday. These outflows were predominantly from Grayscale’s GBTC, Fidelity’s FBTC, and 21Shares/Ark Invest’s ARKB, while competing ETFs exhibited marginal inflows or stable performance.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, provided a silver lining, emphasizing that the outflows constituted a mere 0.3% of the total assets under management (AUM) in these ETFs. He also noted that BlackRock’s $18 billion IBIT, the largest spot fund, reported no net outflows.

“That’s insignificant,” Balchunas remarked about the overall flow levels observed on Monday. “While it’s just one day, there might be additional outflows this week. I anticipated a couple of billion in outflows. So far, however, the situation appears more resilient than expected.”