📣Hello BTC enthusiasts!🎉 Bitcoin's recent price drop to around $56,500 turned out to be a golden opportunity for the big fish in the market. 🐳 According to data shared by CryptoQuant CEO Ki Young Ju: "whales have made a whopping 47,000 BTC - that's over 2.8 billion USD at current prices - in just the last 24 hours!"
- This shopping frenzy signals the beginning of "a new era" for Bitcoin, executives say.
- The fact that Bitcoin whales are increasing their holdings could mean that institutional investors or high net worth institutions are feeling more confident about the future of Bitcoin. 🚀
Interestingly, the whale wallets mentioned are mainly custodial wallets, including ETFs. But don't get me wrong - the recent spike has nothing to do with ETFs.
- Just a week ago, long-term Bitcoin whales were sitting on piles of unrealized profits, especially with prices hovering above $60,000. 📈 But instead of withdrawing money, they kept their position. This coincided with an increase in Bitcoin trading inflows, mainly from whales, leading to a market-wide decline.
- But now, after the latest whale accumulation, Bitcoin recovered more than 6% to rise above $62,000 on Friday. 🎉 A whale, known as "Mr. 100", purchased over 4,100 BTC worth over $242 million at around $58,000 on May 2. This marked the wallet's first Bitcoin purchase since April 19, right before the 2024 halving event.
- So folks, it looks like whales are betting big on Bitcoin! 🐳
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