Whales acquire over 47,000 BTC during price pullback
Bitcoin whales have added over $2.9 billion worth of BTC, helping it recover above the $60,000 mark, but can Bitcoin price close the week above $60,000?
Following the post-halving price drop, Bitcoin whales have started accumulating Bitcoin $BTC once again. Will whales be able to push Bitcoin's weekly close above $60,000?
Bitcoin whales buy over 47,000 BTC in 24 hours
Bitcoin whales, which are large wallets holding at least 100 BTC, have accumulated more than 47,000 BTC worth more than $2.9 billion at current prices, Ki Young Ju, founder and CEO of CryptoQuant, noted in an X post on May 3:
“Bitcoin whales accumulated 47,000 $BTC in the last 24 hours. “We are entering a new era.”
The chart excludes wallets related to centralized exchanges (CEX) and mining companies. While the metric includes spot Bitcoin exchange-traded funds (ETFs), they are not the reason behind the rise, according to the CryptoQuant founder:
“Mainly custodial wallets, including ETFs, but the recent increase is not related to ETFs.”
Inflows into Bitcoin ETFs have turned negative. The 11 US Bitcoin ETFs have recorded more than $871 million in negative net outflows this week, making it the largest week of outflows since their launch, according to Dune.
