The recent decline in Bitcoin prices was taken by some major investors as a good opportunity to collect more Bitcoin and buy the bottoms and sell at the tops.
According to a tweet from blockchain transaction analysis platform Santiment, major investors who own between 1,000 and 10,000 Bitcoins have accumulated more than $941 million in digital assets in the past 24 hours:
🐳 As #Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K $BTC have collectively accumulated ~$941M worth of coins, rebounding to their highest holding level in 2 weeks. https://t.co/NkYwRsc8Pd pic.twitter.com/LWAt03TgUP
- Santiment (@santimentfeed) May 8, 2024
Bitcoin whales collect more Bitcoin:
The amount of Bitcoin whales accumulated in the last 24 hours increased their holdings by 15,121 BTC, bringing their collective stash to its highest level in two weeks.
According to the same source, this step indicates the confidence of whales in Bitcoin.
The renewed accumulation of Bitcoin by whales comes after weeks of widespread selling and profit-taking.
Currently, the cryptocurrency is trading between $60,000 and $64,000 and has been trading within this level for weeks, providing an opportunity for investors to buy the dip in anticipation of the peak of the upcoming bull cycle.
The latest move by Bitcoin whales signals the beginning of the regrouping phase after the fork event, which is expected to last for weeks before the bulls take over.
Posted Using InLeo Alpha