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Amid a historic level of liquidation for bitcoin over the weekend, NYDIG, a bitcoin-focused investment manager, worked to acquire more bitcoin, according to a recent email sent to its subscribers.

NYDIG’s Global Head of Research Greg Cipolaro explained in the email how it believes “the root cause of the sell-off had to do with investor positioning rather than fundamental news. Simply put, traders were overleveraged and positioned long, resulting in forced liquidations.” This assessment made NYDIG feel that the price drop was an opportunity to acquire bitcoin at a discount.

Furthermore, the email indicated that other “institutional investors have had a ‘buy the dip’ mentality during these risk-off events, suggesting increasing ease with handling bitcoin’s volatility.”

In traditional investing, “cut your losses short and let your winners run” is one of the most enduring sayings. The idea is to limit the possible losses of your investments by selling them at the smallest signs of downturn. Bitcoiners, however, have been known to portray and evangelize a “buy the dip” mentality, which dictates that a drop in prices is an opportunity to acquire more BTC at cheaper prices, rather than a warning sign that they should cash out.

NYDIG is one of the Bitcoin space’s most significant investment entities. It recently raised $100 million to propel a Bitcoin-powered insurance strategy, filed for regulatory approval to offer a U.S.-based bitcoin exchange-traded fund and led a seed round for bitcoin custody financial services provider Unchained Capital.