Bitcoin whales are not retreating from the market and have continued to capitalize on the pump by buying every dip. During the most recent dip towards $60,000, these big investors gobbled up BTC at an alarming rate, with their daily expenses reaching billions of dollars.
Bitcoin whales buy $6.3 billion worth of BTC
In a stunning discovery, Thomas Fahrer, co-founder of Bitcoin-based company Apollo, revealed that Bitcoin whales have been rapidly buying up the tokens amid price drops. More specifically, the daily expenses of these whales caught Fahrer’s attention.
Related reading
The report shared by the founder shows that while smaller investors had been selling, Bitcoin whales were buying up billions of dollars worth of coins. In the 24-hour period, these whales, who had over 1,000 BTC on their balance, collected 8,953 BTC, which was worth $6.3 billion at the time. This further contributes to their weekly accumulation numbers, which stand at 12,058 BTC, which equates to almost $9 billion worth of BTC purchased in one week.
Whales collected a value of $6.3 billion #Bitcoin Yesterday.
So come on, cuss it out. Who’s selling? pic.twitter.com/3dLD2BI89L
—Thomas | heyapollo.com (@thomas_fahrer) May 22, 2024
This accumulation trend comes in light of smaller investors selling their tokens. For example, Fahrer’s screenshot shows that Sharks, investors who have between 100 and 1,000 BTC on their balance sheets, sold 6,746 BTC in one day, worth about $5 billion.
Other notable sellers include the crabs, investors who hold 1-10 BTC and sell 1,074 BTC in the same period. Shrimp – Investors holding 0-1 BTC were also caught selling, with a total of 591 BTC sold. While Fish investors, those who owned 10-100 BTC, only sold 95 BTC in the one-day period.
The flow of these investors shows that BTC is flowing from smaller investors to larger investors, something that is bullish for the price. The same is the case in the weekly time frame where shrimp sold 2,079 BTC, crabs sold 5,748 BTC, fish sold 1,155 BTC, while sharks bought 60 BTC, with Bitcoin whales buying the majority at 12,085 BTC.
Time to buy
A number of crypto analysts have called for purchases and it appears that Bitcoin whales are the ones taking this advice. One of the analysts who has said that now is the time to buy is Ali Martinez, who shared an interesting formation on the Bitcoin chart.
Related reading
Martinez pointed out that the TD Sequential, which had previously predicted Bitcoin’s price movement, had issued a buy signal. The level at which this analyst presented this buy signal was around the $69,500 level, and since then the BTC price has since risen above $70,000, indicating that the buy signal was correct.
The TD Sequential has accurately predicted #Bitcoin price action on the one-hour chart. Now it presents a buy signal, anticipating $BTC will bounce back! pic.twitter.com/6ImRkREPVW
— Ali (@ali_charts) May 21, 2024
If the TD Sequential holds up like the last time it appeared, the current price surge could see Bitcoin hit a new all-time high above $74,000 as it last saw a move of almost 15%. But for now, Bitcoin bulls are fighting to maintain its position above $70,000, up 12.22% in the past week.
Featured image created with Dall.E, chart from Tradingview.com