The Nasdaq Composite fell into a bear market in March, and the tech-heavy index has yet to hit a new high. But that hasn't stopped wealthy investors from piling into growth stocks.

In May, Fred Ernest Ehrsam III, managing partner of cryptocurrency investment firm Paradigm, invested $75 million in Coinbase Global (NASDAQ: COIN). That's a particularly bullish nod for the company because Ehrsam is a member of Coinbase's board of directors. Around the same time, hedge fund manager Brad Gerstner of Altimeter Capital Management invested $2 million in Confluent (NASDAQ: CFLT), and then he doubled down with another $618,000 in June. Altimeter Capital Management now owns more than 10% of the company.

Is it time to buy these growth stocks that millionaires are buying on the dip?

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Source Fool.com