Unleashing the Tides of Bitcoin: Whales Ride the Wave of Accumulation
In the aftermath of the post-halving price dip, the Bitcoin whales have once again set their sights on accumulating the digital asset. The question on everyone’s mind is: Can these whales propel Bitcoin’s weekly close above the coveted $60,000 mark?
Bitcoin Whales Amass Over 47,000 BTC in 24 Hours
According to the CryptoQuant founder and CEO, Ki Young Ju, the large wallets holding at least 100 BTC, commonly known as “whales,” have accumulated over 47,000 BTC, worth more than $2.9 billion at current prices. This spike in whale activity is noteworthy, as it excludes wallets associated with centralized exchanges and mining firms.
BTC balances for whale addresses, last active within 24 hours. Source: Ki Young Ju
Interestingly, the recent surge in whale accumulation does not appear to be driven by inflows into spot Bitcoin exchange-traded funds (ETFs). In fact, the data shows that the 11 U.S. Bitcoin ETFs have recorded over $871 million in negative net outflows this week, marking the largest week of outflows since their launch, as reported by Dune.
Bitcoin ETF net flows, weekly, Source: Dune
“Mr. 100” Buys the Dip: Is the BTC Bottom In?
The recent price drawdown has been described by popular Bitcoin analyst Rekt Capital as a mere “downside wick,” and a weekly close above the $60,000 mark could solidify this psychological level as new support. However, the analyst suggests that Bitcoin may remain in the post-halving “danger zone” for another week, based on historical chart patterns.
BTC/USD, 1-week chart. Source: Rekt Capital
Source: Rekt Capital
Dovish Federal Reserve: A Tailwind for Bitcoin?
According to İsa Sertkaya, the chief technology officer of Silent Protocol, the dovish stance of the Federal Reserve could provide additional upside momentum for Bitcoin. Traders will be closely monitoring the $60,000 level, as a move below it could liquidate over $700 million worth of leveraged long positions across all exchanges, as per data from Coinglass.
Bitcoin Exchange Liquidation Map. Source: Coinglass
As the tides of Bitcoin accumulation rise, the market eagerly awaits to see if the whales can push the leading cryptocurrency above the $60,000 threshold, solidifying its position as a new support level. The outcome of this battle between the whales and the market will undoubtedly shape the future trajectory of Bitcoin.