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It's Big & Big #WhaleInsights News About $BTC !!!
Bitcoin Whales Accumulate $941M BTC in 24 Hours as Prices Drop, What Does This Mean?
The amount of BTC whales accumulated in the past 24 hours increased their holdings by 15,121 BTC, bringing their collective stash to its highest level in two weeks.
Bitcoin whales have begun to make substantial BTC purchasing moves, signaling market participants’ entrance into a re-accumulation phase.
According to a tweet by blockchain analytics platform Santiment, large investors holding 1,000 to 10,000 BTC collectively accumulated more than $941 million worth of the asset in the past 24 hours.
Bitcoin Whales Accumulate BTC
The amount of BTC whales accumulated in the past 24 hours increased their holdings by 15,121 BTC, bringing their collective stash to its highest level in two weeks. Santiment said this move signifies whales’ confidence in the Bitcoin market.
The resurgence of BTC accumulation by whales comes after weeks of massive selling and profit-taking.
CryptoPotato reported in late April that on-chain analysts highlighted a surge in inflows to centralized crypto exchanges, dominated by assets from Bitcoin whales.
This was after the market participants witnessed a spike in their unrealized profits following BTC’s surge past $60,000.
Currently, the cryptocurrency ranges between $60,000 and $64,000 and has been trading within that level for weeks, presenting an opportunity for investors to buy the dip in anticipation of the peak of the bull cycle.
Bitcoin Inflows Appear to be Picking Up Santiment’s analysis aligns with those of other on-chain experts, who have stated that inflows into the Bitcoin network appear to be picking up.
Last week, Bitcoin whales purchased 47,000 BTC worth more than $2.8 billion within 24 hours.
CryptoQuant CEO Ki Young Ju said the large accumulation signaled the beginning of a new era for the leading cryptocurrency.