Following rumors of a possible approval of an ethereum spot exchange-traded fund (ETF), the price of bitcoin reached its current all-time high of $73,737. While the momentum was not enough to push the leading cryptocurrency to a new record price, btc managed to cross the $70,000 level for the first time in over a month.
bitcoin price soon saw a correction and currently sits below $70,000 despite the eventual approval of the eth ETF by the SEC. However, the latest on-chain revelation suggests that btc price could resume its upward movement sooner rather than later.
Can Whale Activity Drive btc Price Recovery?
In a recent x.com/ali_charts/status/1793997568407732314″ target=”_blank” rel=”noopener nofollow”>post on the On the platform, popular crypto expert Ali Martínez shared that there has been significant buying activity among a certain class of large investors in recent days. This on-chain disclosure is based on Santiment's Balance of Whales, which tracks the total number of whale-owned coins containing between 1,000 and 10,000 btc.
According to data from Santiment, this class of large bitcoin holders has purchased more than 20,000 btc (equivalent to a huge amount of 1.34 billion dollars) in the last day. This recent acquisition brings the balance of this class of whales to a total of 4.96 million btc.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Whales-Buy-134-Billion-in-BTC-in-One-Day.jpeg" alt="bitcoin" width="1200" height="569"/>A chart showing btc price and balance of whales holding between 1,000 and 10,000 btc | Source: x.com/ali_charts/status/1793997568407732314" target="_blank" rel="noopener nofollow">Ali_charts/x
The timing of this purchase is interesting, considering it occurred after the price of bitcoin fell to $67,000. Notably, Martinez said in his post that these whales are “buying the dip,” a term used to describe buying activity after an asset experiences a drop in price.
What's more, this recent buying by whales could be a sign that large holders and big players could know something about the future trajectory of the btc price. As such, investors may want to keep an eye on new moves as they may lead to speculation and possible changes in the market.
Furthermore, whales are often perceived as key players in the cryptocurrency market, as their buying and selling activities can affect the price of digital assets. Considering its magnitude, the recent purchase could be an upward driver for the price of the main cryptocurrency.
bitcoin price at a glance
At the time of writing, the price of bitcoin is around $68,917, reflecting an increase of just 1% over the past day. However, in the weekly period, the top cryptocurrency is in a better position and is up 3%.
The price of btc breaks above the $69,000 level on the daily timeframe | Source: BTCUSDT chart on x/pZ0Re7vj/" target="_blank" rel="noopener nofollow">TradingView
Featured image from Unsplash, chart from TradingView
