Bitcoin's breakout below $60,000 has turned out to be a "buy to fail" opportunity for "whales".
The recent #bitcoin market correction, which saw the world's largest #cryptocurrency fall to a low of $56,500, has proven to be a great opportunity for established investors.
According to data provided by Ki Young Ju, CEO of CryptoQuant, in the last 24 hours alone, "whales" have accumulated an astounding amount of 47,000 #CryptoWatchMay2024 (more than $2.8 billion at current prices). According to experts, this series of purchases marks the beginning of a "new era" for major #cryptocurrencies .
The increase in the number of bitcoin bundles may indicate growing confidence in the future of cryptocurrencies among institutional investors and high net worth individuals.
The CryptoQuant founder also revealed that the whale wallets in question are mostly custodial, including ETFs, but the recent surge is not related to ETFs.
This seems to have changed, as just a week ago, long-term bitcoin whales saw a significant increase in their unrealized profits, especially when the price held above $BTC Despite the significant increase in profits, these whales have yet to cash out, indicating that they are still holding their positions.
This coincided with a significant increase in the influx of funds into the bitcoin exchange, most of which fell victim to the "whales" and the market subsequently fell sharply.
However, after that "whale", bitcoin rose more than 6% and staged a small rally, breaking the $ 62,000 mark on Friday.
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