Bitcoin Whales Replenish Holdings After Price Dip
Bitcoin whales, which are large wallets holding at least 100 BTC, have once again started accumulating Bitcoin (BTC) following a drop in price after the halving event. These whales have acquired over 47,000 BTC, which is currently valued at more than $2.9 billion, according to Ki Young Ju, the founder and CEO of CryptoQuant. This surge in accumulation by whales could potentially push Bitcoin’s weekly close above the $60,000 mark.
The data provided by Ki Young Ju excludes wallets associated with centralized exchanges and mining companies. While the metric includes spot Bitcoin exchange-traded funds (ETFs), they are not the driving force behind the increase in accumulation, as confirmed by the CryptoQuant founder.
Interestingly, spot Bitcoin ETF inflows have actually turned negative. The 11 U.S. Bitcoin ETFs have experienced over $871 million in net outflows this week, making it the largest week of outflows since their launch, according to Dune.
Bitcoin’s recent price drop is being interpreted as a “downside wick” by popular Bitcoin analyst Rekt Capital. If the price manages to close above the $60,000 mark for the week, it could establish this level as a new support, providing a boost to investor confidence. Rekt Capital also suggests that based on historical chart patterns, Bitcoin may continue to experience volatility in the post-halving phase for another week.
Additionally, the dovish stance of the Federal Reserve could further contribute to Bitcoin’s upward momentum, according to İsa Sertkaya, the chief technology officer of Silent Protocol.
Bitcoin traders are advised to closely monitor the $60,000 mark as a significant move below this level could result in the liquidation of leveraged long positions worth over $700 million across all exchanges, as reported by Coinglass.
It is important to note that this article does not provide investment advice or recommendations. Readers are encouraged to conduct their own research before making any investment or trading decisions.