Why Bitcoin Whales Accumulating Ahead US Jobs Data Despite Sub $50K Calls?

As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the market ebb and flow like the tides, and I must admit, the current Bitcoin landscape is as intriguing as ever. The calls for BTC levels below $50,000 might sound alarming to some, but they barely raise an eyebrow from me. Why? Because the actions of the Bitcoin whales are a clear testament to their confidence in the long-term potential of Bitcoin.


With Bitcoin‘s price persistently trading under selling pressure, there’s a growing chorus in the market suggesting prices could dip below $50,000. Despite this, Bitcoin ‘whales’ are still buying BTC at every price drop, indicating a level of confidence ahead of Friday’s US jobs data release.

Bitcoin Whales Accumulating On Every Dip

According to recent information from Spot On Chain, a fresh Bitcoin whale has taken out approximately 1,145 BTC, equivalent to around $65.1 million, from Binance over the past four days. This large-scale Bitcoin holder appears to have been purchasing Bitcoins at every price downturn, amassing them through seven distinct transactions with an average cost of roughly $56,841 per BTC. Therefore, this whale seems to be capitalizing on the current drop in BTC prices.

A new whale has withdrawn 1,145 $BTC ($65.1M) from #Binance over the past 4 days.
It appears that the whale is buying Bitcoin whenever its price falls, amassing a total of 1,145 Bitcoins through 7 separate transactions, with an average cost per Bitcoin of approximately $56,841, equating to a total investment of around $65.1 million.
Will the whale keep accumulating or dump $BTC…
— Spot On Chain (@spotonchain) September 6, 2024

Despite some small traders growing frustrated and selling their BTC at price drops, large investors (or “whales”) have been persistently buying during these periods instead. According to the crypto analysis platform, Santiment, Bitcoin whales have amassed approximately $7.8 billion in BTC over the past month, even as the BTC price fell below $50,000 at the beginning of August. Just this week, Santiment stated:

For the past month, larger Bitcoin holders (ranging from 10 to 10,000 coins) have increased their possessions by a total of approximately 133,300 additional coins, as smaller traders seem to be selling off their holdings rapidly.

It’s worth noting that Bitcoin accumulation by large investors (whales) is occurring at a time when attention turns to the release of Nonfarm Payroll data in the U.S. This data will significantly influence the upcoming decision on interest rate cuts by the US Federal Reserve, as the U.S. employment numbers have recently reached their lowest point in 2021. However, despite optimism for a Fed rate cut, the risk of a U.S. recession hasn’t been completely avoided yet.

In addition to large Bitcoin holders (Bitcoin whales), Bitcoin miners are also accumulating Bitcoin, as Riot Platforms recently achieved a significant milestone by holding more than 10,000 Bitcoins.

Riot Produces 322 #Bitcoin in August 2024 and Exceeds 10,000 Bitcoin Held.

“During August, Riot generated 322 Bitcoins and persisted with our distinctive energy strategy, aiming to minimize our energy expenses and contribute extra power to the grid during high-demand hours.”

— Riot Platforms, Inc. (@RiotPlatforms) September 5, 2024

Bitcoin Sub $50,000 Calls On the Rise Befoe US Jobs Data Release

With Bitcoin’s price hovering near $56,700 at the moment, predictions of an upcoming 12-15% drop are becoming more common. In a post on the X platform, BitMEX CEO Arthur Hayes expressed his own view: “I’m aiming for Bitcoin to dip below $50,000 this weekend. I’ve made a risky short position. Keep your fingers crossed for my sake, as I am quite reckless.”

As a seasoned market analyst, I’ve noticed the prediction made by fellow trader Peter Brand suggesting a potential drop in Bitcoin’s price down to around $46,000. He attributes this forecast to an observed “inverted expanding triangle” or “megaphone” pattern on the charts, which are typically indicative of reversal trends in financial markets.

It’s intriguing to observe if the ongoing build-up by Bitcoin Whales could possibly counteract this predicted mass departure instead.

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2024-09-06 08:06