Bitcoin Whales Increase Their Holdings By $3 Billion – Is A Price Surge Imminent?
28 Janeiro 2024 - 12:30PM
NEWSBTC
It’s only been a month into 2024, and Bitcoin has already
experienced a whirlwind of activity. These events range from the
SEC’s approval of spot Bitcoin ETFs to the cryptocurrency’s price
underperforming with a decrease over the past month and selloffs
from the Grayscale BTC Trust. Amidst all these, on-chain data has
revealed an interesting sentiment of strategic accumulation among
whales of the largest cryptocurrency. According to
information provided by crypto analytics firm IntoTheBlock, Bitcoin
whales have added over 76,000 BTC worth approximately $3 billion to
their holdings since the beginning of the year. Bitcoin
whales have increased their $BTC holdings by ~$3B (76,000 BTC) sine
the start of this year. pic.twitter.com/0hi3Q7WXEo — IntoTheBlock
(@intotheblock) January 27, 2024 Bitcoin Whales Increase Holdings
By $3 Billion Despite Market Downturn The price of Bitcoin climbed
shortly after the approval of spot ETFs in the US to reach a
20-month high of $48,600. However, in a surprising turn of events,
the crypto has suffered a price dip, reaching as low as $38,880
during the week. Related Reading: Helium (HNT) Heats Up: 21%
Jump After Telefónica Deal Ignites Growth Despite this series of
events, on-chain data suggests that the selloff is coming mostly
from small-term holders and a few large whales, as the majority of
whales have been taking advantage of the price dip to scoop up more
Bitcoin into their wallets. The total balance among Bitcoin whales
has jumped by 76,000 in January, with the count now nearing 7.8
million BTC. Consequently, addresses holding more than 1,000 BTC
have now reached a new all-time high. Despite the negative price
movement, Bitcoin held in addresses with over 1,000 BTC has reached
a new yearly high! pic.twitter.com/4qQhbXSD9S — IntoTheBlock
(@intotheblock) January 26, 2024 Price Surge Incoming? BTC’s future
price outlook looks unclear at the moment, as the crypto is
currently trading at a minor resistance around the $42,000 level.
According to analyst Michaël van de Poppe, Bitcoin could continue
consolidating between $37,000 and $48,000 for the coming months,
giving altcoins a time to shine. BTC is currently trading at
$42,522. Chart: TradingView.com However, fundamentals surrounding
Bitcoin point to a price growth in the longer term. Renowned
economist Peter Schiff recently commented that Bitcoin has the
possibility of surging to $10 million within the next decade if it
becomes a hedge against the devaluation of the US dollar. Related
Reading: Shiba Inu On Fire: Over 12 Million SHIB Vaporized – Impact
On Price The community and investors also like to keep an eye out
for crypto whales because they can significantly influence price
movements. When whales stock up on BTC, it often signals they
believe the price is undervalued and ready to rise substantially in
the near future. If the whale accumulation continues, it could lead
to a change to positive sentiment among the wider Bitcoin investing
market. The next Bitcoin halving is also on its way, and many
analysts predict a price growth around the event.
Featured image from Pexels
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