Bitcoin whales are out hunting for buying opportunities

Bitcoin is trading below $61,000 and big investors are accumulating coins at an unprecedented rate.

According to the CEO of CryptoQuant, the market has never seen so much accumulation of bitcoin.

The outflows of money from ETFs and the conflict in the Middle East generate downward pressure on the asset.

Bitcoin (BTC) is trading this Thursday, October 3 near $60,000. At the time of this publication, it remains above that price mark.

This decline is, in part, a consequence of a second consecutive day of money outflows from bitcoin exchange-traded funds (ETFs), added to the uncertainty generated by the armed conflict in the Middle East, which recently escalated with an Israeli bombing of Beirut, the capital of Lebanon. These events tend to cause drops in the price of assets such as BTC due to the risk aversion they generate in financial markets.

Amid this price drop, which has reached 5% since the beginning of October, Bitcoin whales, or those investors who own large amounts of the digital currency, have gone out to hunt for deals. According to data from CryptoQuant, these whales are acquiring significant amounts of BTC.

BTC whales are, by definition, a Bitcoin address with more than 1,000 coins accumulated. These large investors can influence the market. Their behavior often indicates future trends, as their ability to move large amounts can affect the price.