Bitcoin Whales Buy Up $1.4 Billion Worth Of BTC Amid Heightened Volatility
May 24 2024 - 6:00PM
NEWSBTC
Bitcoin whales have continued to show their resilience and
unwavering bullishness on the flagship crypto. This category of
investors has accumulated a significant amount of the crypto token
in the last seven days amid heightened volatility in Bitcoin’s
price. Bitcoin Whales Accumulate $1.4 Worth Of BTC Data from
the market intelligence platform IntoTheBlock shows that Bitcoin
addresses holding between 1,000 and 10,000 BTC have combined to
accumulate 20,000 BTC ($1.4 billion) over the past seven days. This
accumulation coincides with Bitcoin’s recent price surge above
$70,000. Furthermore, these whales’ purchases suggest that
volume is picking up for the flagship crypto, which could help
trigger more price rallies. Moreover, on-chain analytics platform
Glassnode noted in a recent market report that the selling pressure
on Bitcoin was declining. Therefore, Bitcoin’s price looks primed
to take off sooner rather than later with significant buys like the
one made by these whales. Related Reading: Non-Empty USDC And
USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto
Meanwhile, institutional investors are also back in the fold and
look to be doubling their bets on the flagship crypto. This is
evident in the fact that inflows into the Spot Bitcoin ETFs have
picked up over the last two weeks. Data from Farside Investors
shows that these funds have taken in almost $800 million in this
week alone. Crypto analyst James Check (also known as
Checkmatey) noted in a recent market report that these funds could
lead the next wave of demand, driving Bitcoin’s price to a new
all-time high (ATH). These Spot Bitcoin ETFs have already been
instrumental to Bitcoin’s growth this year, with the flagship
crypto hitting its current ATH of $73,750 earlier in March.
Like Check, crypto analyst Gustavo Faria also noted in a recent
blog post that there are signs that a new wave of demand is
emerging. This has raised the possibility of the next rally
happening even sooner than expected. Crypto analysts like BitQuant
have provided insights into how high Bitcoin could rise on its next
leg up, predicting that the crypto token will reach $95,000.
No Need To Worry About Price Dips On-chain analytics platform
Santiment suggested there was no need to worry about any price
correction for Bitcoin as the bulls have enough capital to buy up
these dips. The platform highlighted that the amount of non-empty
stablecoin wallets is rising, indicating that more whales are
loading up their bags to invest in the crypto market. Related
Reading: Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach
$10 Amid Short liquidations Specifically, USDC non-empty wallets
have grown by over 13%, and Tether non-empty wallets have grown by
over 15%. This figure is expected to keep rising as the bull run
progresses later in the year. At the time of writing, Bitcoin
is trading at around $67,200, down over 3% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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