Originally published on: October 11, 2024
Bitcoin whales are making a splash in the crypto market as they continue to purchase big quantities of BTC despite recent price dips. The latest analysis by onchain analytics platform CryptoQuant reveals that whales have accumulated a staggering 1.5 million Bitcoin over the past six months.
According to contributor Axel Adler Jr., these large-volume investors have been steadily increasing their BTC exposure since the all-time high in March. While smaller whales have been selling off their holdings, the bigger players are taking advantage of the opportunity to buy at lower prices.
The recent data also shows that other classes of Bitcoin investors, such as short-term holders, have been selling at a loss as the price slipped below $60,000. This has created an ideal buying opportunity for the whales, who are now capitalizing on the situation to increase their positions.
Despite the volatility in the market, CryptoQuant contributor DarkFost believes that the whale accumulation between $54,000 and $68,000 is significant. He notes that new whales are entering the market and existing whales are also adding to their positions, which could drive up the price of BTC in the near future.
While this analysis does not offer investment advice, it highlights the ongoing trends in the crypto market and the behavior of large-volume investors. As whales continue to accumulate BTC, it is clear that they see long-term potential in the world’s most popular cryptocurrency. Stay tuned for more updates on the crypto market and investment opportunities.
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