Big Players Acquiring Bitcoin (BTC) During Price Decline: Data
Bitcoin whales have been seen making significant purchases of the cryptocurrency following a recent dip in its price below the $60,000 mark, based on data from IntoTheBlock, a cryptocurrency analytics company. This surge in buying activity from major holders indicates a strong demand for Bitcoin.
Over the past month, wallets holding more than 0.1% of Bitcoin’s total supply have received approximately 55,000 BTC in net flows, signaling a notable accumulation of the digital asset.
Pseudonymous crypto analyst Ali noted the emergence of early signs of Bitcoin accumulation today, suggesting a shift towards accumulation after a three-month distribution phase.
CryptoQuant’s Ki Young Ju recently expressed the view that Bitcoin’s seemingly uneventful sideways price movement could present a favorable buying opportunity for investors. Despite a pessimistic market sentiment, Ju believes that Bitcoin remains in a bullish trend.
Bitcoin experienced a drop to $59,712 earlier today, causing prominent critic Peter Schiff to predict a more substantial correction. However, the cryptocurrency has managed to hold above the crucial $60,000 level, currently trading at $60,373 according to CoinGecko data. Notably, Lookonchain reported that the recent price decline coincided with significant whale deposits on the Binance exchange.
According to Fundstrat’s Tom Lee, the price of Bitcoin is expected to surge to $150,000 within the year, reflecting a bullish outlook on the cryptocurrency’s future performance.
In summary, the recent data suggests a strong buying interest from major Bitcoin holders, indicating confidence in the cryptocurrency’s long-term potential despite short-term price fluctuations.
