Bitcoin whales are a powerful force in the market and they have been showing no signs of backing down. Despite the recent dip towards $60,000, these large investors have been capitalizing on the opportunity to buy up more BTC. According to co-founder of Bitcoin-based company Apollo, Thomas Fahrer, Bitcoin whales have been rapidly accumulating tokens during price drawdowns. In fact, Fahrer highlighted the astonishing daily spending of these whales, with billions of dollars worth of BTC being bought in just one day.
In a recent report shared by Fahrer, it was revealed that Bitcoin whales holding more than 1,000 BTC on their balances accumulated 8,953 BTC in a 24-hour period, amounting to $6.3 billion at the time. This adds to their weekly accumulation numbers, which totaled 12,058 BTC, equivalent to almost $9 billion worth of BTC bought in just one week.
Smaller Investors Selling Off Tokens
While Bitcoin whales continue to buy up tokens, smaller investors have been heading in the opposite direction by selling off their holdings. Fahrer’s report showed that investors categorized as Sharks, holding between 100-1,000 BTC, sold 6,746 BTC in one day, totaling around $5 billion. Additionally, other categories of investors such as Crabs, holding 1-10 BTC, Shrimps holding 0-1 BTC, and Fish holding 10-100 BTC, also sold off their holdings.
This selling pressure from smaller investors has resulted in a flow of BTC from small holders towards larger whales in the market. This shift in ownership is seen as bullish for the price of Bitcoin, as it indicates a strong demand from larger investors.
Analysts Calling for Buying
In line with the buying behavior of Bitcoin whales, several crypto analysts have also been advocating for buying at the current levels. One notable analyst, Ali Martinez, pointed out a bullish formation on the Bitcoin chart known as the TD Sequential, which had previously accurately predicted Bitcoin price movements. Martinez highlighted a buy signal around the $69,500 level, which has since led to a rebound in BTC price above $70,000.
If the TD Sequential continues to hold true to its previous predictions, Bitcoin could potentially reach a new all-time high above $74,000, representing a significant price movement. Currently, Bitcoin bulls are actively trying to maintain the price above $70,000, with a 12.22% increase in the last week.
Overall, the rise of Bitcoin whales in the market signals a shift in ownership towards larger investors, leading to a bullish outlook on the price of BTC. As these whales continue to accumulate tokens, supported by favorable technical indicators and analyst recommendations, the future of Bitcoin remains promising for investors.
