Whales Scoop Up $1.5 Billion in Bitcoin Amid Market Pullback, Experts Eye Bigger Upside ⋆ ZyCrypto
The post Whales Scoop Up $1.5 Billion in Bitcoin Amid Market Pullback, Experts Eye Bigger Upside ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Bitcoin (BTC) held steady on Friday, easing slightly from its record high of $99,655 as U.S. markets slowed in observance of the Thanksgiving holiday. The modest pullback comes even as on-chain data reveals that short-term holders offloaded significant amounts of BTC, incurring nearly $4 billion in realized losses. However, the dip presented a golden opportunity for whales, who accumulated approximately $1.5 billion worth of Bitcoin in a single day. CryptoQuant analyst Caueconomy highlighted the trend, tweeting, “Whales take advantage and accumulate $1.5 billion in Bitcoin in the last dip. On Tuesday, almost 16,000 BTC entered whale reserves, continuing to rise yesterday.” Data from the firm shows that since October, whale addresses have added over 130,000 BTC to their reserves, while retail investors have reduced their holdings by 41,000 BTC. Notably, whales weren’t the only ones capitalizing on the price decline. Institutional players such as MicroStrategy, Semler Scientific, Marathon Digital, and Metaplanet have all increased their Bitcoin holdings over the past week, reflecting strong confidence in Bitcoin’s long-term potential. The bullish sentiment is further reinforced by record inflows into Bitcoin ETFs, which saw $3.1 billion in investments between November 18 and 22 as Bitcoin neared the $100,000 mark. Advertisement   As per the firm, however, institutional spot buying has yet to ignite widespread retail participation, which is considered a key catalyst for Bitcoin to break into new all-time highs (ATHs). “Previous bull runs ended when retail aggressively bought, but today, that is not happening. Institutional players are leading the accumulation phase,” the firm emphasized. That said, according to CryptoQuant’s Cycle Indicator, the current bull market remains in its infancy, with Bitcoin yet to enter the “Extreme Bull” phase. Historical data suggests room for further price drawdowns, offering potential entry points for both retail and institutional investors. The firm…
Filed under: News - @ November 29, 2024 1:23 pm