Bitcoin Whales Accumulate Over 47,000 BTC as Price Dips Post-Halving
Following a recent decline in Bitcoin’s price after the halving event, Bitcoin whales have once again started accumulating the cryptocurrency. These large wallets, holding at least 100 BTC, have acquired over 47,000 BTC, which is valued at more than $2.9 billion at current prices, according to CryptoQuant founder and CEO Ki Young Ju. The accumulation of Bitcoin by these whales has sparked speculation on whether they can push the cryptocurrency’s weekly close above the $60,000 mark.
The data provided by Ki Young Ju excludes wallets associated with centralized exchanges and mining companies. It is worth noting that the increase in BTC balances for whale addresses within the past 24 hours is not due to spot Bitcoin exchange-traded funds (ETFs), as clarified by the CryptoQuant founder.
In fact, there has been a negative trend in spot Bitcoin ETF inflows. According to Dune, the 11 U.S. Bitcoin ETFs have witnessed over $871 million in negative net outflows this week, marking the largest week of outflows since their launch.
Bitcoin analyst Rekt Capital believes that Bitcoin’s recent price decline was just a temporary setback, referring to it as a “downside wick.” He suggests that a weekly close above the $60,000 mark could establish it as a new support level. However, based on historical chart patterns, Rekt Capital also warns that Bitcoin may remain in the post-halving “danger zone” for another week.
Furthermore, İsa Sertkaya, the chief technology officer of Silent Protocol, suggests that the dovish stance of the Federal Reserve could provide additional upside momentum for Bitcoin.
Bitcoin traders are advised to closely monitor the $60,000 mark, as a drop below this level could result in the liquidation of over $700 million worth of leveraged long positions across all exchanges, according to Coinglass.
It is important to note that this article does not provide investment advice or recommendations. Readers are urged to conduct their own research before making any investment or trading decisions.