bitcoin whales are not backing down from the market and have continued to capitalize on the pump by buying on every dip. The most recent drop towards $60,000 saw these big investors gobble up btc at an alarming rate, spending billions of dollars daily.
bitcoin whales buy $6.3 billion worth of btc
In a surprising discovery, co-founder of bitcoin-based company Apollo, Thomas Fahrer, revealed that bitcoin whales have been rapidly purchasing the tokens amid the price decline. More specifically, the daily spending of these whales caught Fahrer's attention.
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The report shared by the founder shows that while smaller investors had been selling, bitcoin whales were buying billions of dollars worth of coins. In the 24-hour period, these whales who had more than 1,000 btc in their balances accumulated 8,953 btc, worth $6.3 billion at the time. This further adds to their weekly accumulation figures, reaching 12,058 btc, which is equivalent to almost $9 billion in btc purchased in one week.
<blockquote class="twitter-tweet”>
The whales accumulated 6.3 billion dollars in twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin Yesterday.
So come on, confess. Who sells? pic.twitter.com/3dLD2BI89L
—Thomas | heyapollo.com (@thomas_fahrer) twitter.com/thomas_fahrer/status/1793112002107453512?ref_src=twsrc%5Etfw” rel=”nofollow”>May 22, 2024
This accumulation trend comes in light of smaller investors selling their tokens. For example, Fahrer's screenshot shows that sharks, who are investors who have between 100 and 1000 btc in their balances, sold 6,746 btc in one day, worth around $5 billion.
Other notable sellers include crabs, who are investors who own between 1 and 10 btc and sold 1,074 btc in the same time period. Shrimp: Investors who were 0-1 btc were also caught selling, with a total of 591 btc sold. While Fish investors, those who held between 10 and 100 btc, sold only 95 btc in the period of one day.
The flow of these investors shows that btc is flowing from smaller investors to larger investors, something that is bullish for the price. The same goes for the weekly period where Shrimps sold 2,079 btc, Crabs sold 5,748 btc, Fish sold 1,155 btc, while Sharks bought 60 btc, and bitcoin whales bought the most with 12,085 btc.
Time to buy
Several crypto analysts have called for buying and it seems that bitcoin whales are the ones following this advice. One of the analysts who has expressed his opinion that it is time to buy is Ali Martínez, who shared an interesting formation on the bitcoin chart.
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Martínez noted that TD Sequential, which had previously predicted bitcoin price movement, had shown a buy signal. The level at which this analyst presented this buy signal was around the $69,500 level and btc price has since recovered above $70,000, suggesting that the buy signal was correct.
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TD Sequential has accurately predicted twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin Price action on one hour chart. Now it presents a buy signal, anticipating twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc It will bounce! pic.twitter.com/6ImRkREPVW
—Ali (@ali_charts) twitter.com/ali_charts/status/1793037426132238609?ref_src=twsrc%5Etfw” rel=”nofollow”>May 21, 2024
If TD Sequential holds up like it did when it last appeared, then the current price surge could see bitcoin reach a new all-time high above $74,000 as it last saw a nearly 15% move. But for now, bitcoin bulls are fighting to maintain their position above $70,000, up 12.22% in the last week.
Featured image created with Dall.E, chart from Tradingview.com
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