Bitcoin’s recent market correction that dragged the world’s largest cryptocurrency near the low of $56,500 turned out to be a good opportunity for high-profile investors.

Data shared by CryptoQuant CEO Ki Young Ju revealed that whales have accumulated a whopping 47,000 BTC – worth more than $2.8 billion in current price – over the past 24 hours alone. This shopping spree signals the beginning of “a new era” for the primary cryptocurrency, according to the exec.

Bitcoin whales increasing their holdings may indicate growing confidence in the cryptocurrency’s future trajectory among institutional investors or high-net-worth entities.

The CryptoQuant founder also revealed that the whale wallets in question are mostly custodial ones, including ETFs, but clarified that the recent spike is not ETF-related.

#Bitcoin whales accumulated 47K $BTC in the past 24 hours. We’re entering a new era. pic.twitter.com/SXgzToN8GU

— Ki Young Ju (@ki_young_ju) May 3, 2024

There appears to be a change of heart as just a week ago, long-term bitcoin whales saw a substantial increase in their unrealized profits, especially as the price remained above $60,000.

Although their profits had risen significantly, these whales hadn’t yet cashed out, indicating they were holding onto their positions.

This aligned with a notable increase in bitcoin exchange inflows, mostly attributed to whales, which subsequently led to a market-wide slump.

Following the latest whale accumulation, however, bitcoin climbed by over 6% to surge above $62,000 on Friday, staging a modest relief rally.

The whale known as “Mr. 100” bought over 4,100 BTC worth over $242 million at around $58,000 on May 2nd, marking the wallet’s first bitcoin purchase since April 19, just before the 2024 halving.

The post Bitcoin Whales Bagged $2.8B Worth of BTC in a Day: CryptoQuant appeared first on CryptoPotato.

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Filed under: Bitcoin - @ May 4, 2024 8:19 am