[Bitcoin whales bought on dips, holding shares at a six-year high]

Despite the recent selling pressure on Bitcoin (BTC), large holders (commonly known as "whales") have taken advantage of the opportunity to make large purchases. Over the past six weeks, Bitcoin wallet holdings holding more than 10,000 BTC have reached a six-year high.

Bitcoin whales have made significant gains amid BTC price volatility in recent weeks, according to a report from on-chain data provider Santiment. These large addresses, primarily owned by exchange liquidity providers, accumulated an additional 212,450 BTC during this period. As a result, they have increased their total holdings over the past few weeks.

This suggests that while Bitcoin miners are currently selling Bitcoin, whale groups have been partially absorbing the supply. It’s not just these very large whales that are accumulating BTC, the smaller group of whales holding more than 10 BTC are also soaking up the supply. According to data from Santiment, wallets holding more than 10 Bitcoins have reached an all-time high, with cumulative holdings reaching 161,700 BTC. This accumulation indicates increased confidence among these larger holders in Bitcoin’s future.

Bitcoin prices are rebounding again after facing significant selling pressure on Thursday. At press time, BTC prices are up 4.5% from yesterday’s low of $53,500 and are currently trading at $56,500, with a market cap of $1.114 trillion. Bitcoin’s recent rally was largely due to strong inflows into spot Bitcoin ETFs on Friday. Despite some small outflows earlier in the week, Bitcoin ETFs recorded $143 million in inflows on Friday, led by Fidelity. These inflows clearly indicate that institutions have been absorbing supply during the current market decline.

However, the question that follows is whether Bitcoin bulls will be able to take further control of the market or whether bears will continue to dominate. For Bitcoin to resume its rise, bulls will have to push BTC price above $61,000.

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