In the past few hours, Bitcoin prices have dropped below the $67,000 mark, sparking a buying frenzy among Bitcoin whales.

According to on-chain data, these large holders have purchased over 20,000 BTC worth approximately $1.34 billion as prices dipped.

#Bitcoin whales are buying the dip! These large #BTC holders have purchased over 20,000 $BTC in the last 24 hours, worth $1.34 billion, as prices dropped below $67,000. pic.twitter.com/8CNXkhZeZK

— Ali (@ali_charts) May 24, 2024

A recent report from Glassnode highlights significant insights into the behavior of long-term Bitcoin holders (LTHs). The Bitcoin Long-Term Holder (LTH) Binary Spending Indicator, which profiles and visualizes the intensity of HODLer distribution pressure, shows a notable and sustained decline in LTH supply leading up to Bitcoin’s all-time high (ATH) of $73,000 in March. 

However, in recent weeks, this distribution pressure has significantly eased, providing bulls with more breathing room and less resistance overall.

The #Bitcoin Long-Term Holder (LTH) Binary Spending Indicator is a tool we can use to profile and visualize the intensity of HODLer distribution pressure. We note a significant and sustained decline in LTH Supply into the $73k ATH in March.

As of the last few weeks however, this… pic.twitter.com/OndpghTYoD

— glassnode (@glassnode) May 24, 2024

Bitcoin ETF Net Inflow Remains Positive For The Ninth Consecutive Days

Further reinforcing the bullish sentiment, Bitcoin ETFs have continued to see positive net inflows. As of May 23, 2024, the total net inflow summed up to $108 million.

This marks the ninth consecutive day of positive inflows, although the volume appears to be declining. Notably, BlackRock’s IBIT led the inflows with an $89 million increase, while Grayscale’s GBTC experienced small outflows for the second consecutive day.

$BTC #ETF Net Inflow May 23, 2024: +$108M!

• The net inflow remained positive for 9 consecutive trading days, but the inflow volume appears to be declining

• #Grayscale (GBTC) has had 2 consecutive days of small outflows.

• #BlackRock (IBIT) continued to experience… pic.twitter.com/00p2Giohjw

— Spot On Chain (@spotonchain) May 24, 2024

The current market conditions indicate a strong buy-the-dip mentality among Bitcoin whales, which could potentially stabilize the price and provide support against further declines. However, traders should remain cautious and keep an eye on long-term holder behavior and ETF inflow trends for further market insights.

In summary, while Bitcoin’s dip below $67K might cause concern for some, the active accumulation by whales and positive ETF inflows suggest a resilient market outlook with potential for recovery.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: wedninth/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ May 25, 2024 8:22 am