The post Bitcoin Whales Increase Buying Activity Amid Bearish Market Sentiment and Potential Liquidations appeared on BitcoinEthereumNews.com.

The cryptocurrency market faces significant volatility, raising concerns among investors. Recent data suggests increased activity by large-scale Bitcoin holders, known as whales. A newly created wallet withdrew 533.5 BTC worth $31 million from Binance at a critical price point. Discover the latest developments in the crypto market, focusing on Bitcoin’s recent movements and the impact of major whale activities. Bitcoin Price Movements and Whale Activity The cryptocurrency landscape has been turbulent, with Bitcoin showing signs of further declines. Following a consolidation breakdown, Bitcoin (BTC) could potentially drop to the $54,600 level. This decline could result in the liquidation of nearly $721 million worth of long positions if BTC falls to the $56,850 mark. This significant liquidation risk has caught the attention of major investors and market watchers. Whales Accumulate More Bitcoin Notably, as the market struggles, whale activity has surged. On August 16th, a newly created wallet withdrew a substantial 533.5 BTC, valued at $31 million, from Binance, the leading cryptocurrency exchange, at the $58,188 level. This action has highlighted the increasing interest of whales in Bitcoin, despite current market conditions. Market Analysis and Future Outlook According to Spot On Chain, six whales have collectively accumulated 4,046 BTC and WBTC, totaling $239.5 million, from centralized exchanges over the past week. Simultaneously, BTC’s exchange reserves have decreased by 0.37% in the past 24 hours and 0.47% over the past week. This decline in exchange reserves indicates a shift in holdings from exchanges to private wallets, signaling a long-term optimism among major holders despite short-term volatility. Impact on Active Addresses and Investor Sentiment The volatile market conditions have also led to a significant drop in the number of active Bitcoin addresses, plummeting by 27.6% in the last 24 hours, as reported by CryptoQuant. This decline suggests that regular users and smaller investors…

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Filed under: News - @ August 17, 2024 5:11 am