As a seasoned crypto investor with a keen eye for market trends and on-chain data, I’m always on the lookout for significant developments that could potentially impact the price of Bitcoin (BTC). The recent news of a potential Ethereum ETF approval and the subsequent run at the all-time high of $73,737 for BTC was certainly an exciting development.
Amidst whispers of an imminent Ethereum ETF approval, Bitcoin surged towards its existing peak of $73,737. Though it fell short of establishing a new record price, Bitcoin did succeed in breaking above the $70,000 mark for the first time in over a month.
As a researcher studying the cryptocurrency market, I’ve noticed that Bitcoin’s price underwent a correction and is now hovering below the $70,000 mark, despite the SEC’s approval of the ETH ETF. However, recent on-chain data has piqued my interest, indicating that Bitcoin’s price could potentially regain momentum and resume its upward trend sooner than anticipated.
Can Whale Activity Drive BTC’s Price Recovery?
In a recent update on the X platform, renowned crypto analyst Ali Martinez revealed that large-scale investors have shown substantial purchasing interest in the past few days. This insight stems from Santiment’s Whale of Balance metric, which monitors the quantity of Bitcoin held by specific investors, ranging from 1,000 to 10,000 coins.
Based on Santiment’s data, large Bitcoin holders have purchased over 20,000 Bitcoin, which is equivalent to approximately $1.34 billion, within the past day. This latest purchase adds to their current holding, totaling an impressive 4.96 million Bitcoins.
It’s intriguing that Martinez made this purchase following Bitcoin’s price retreat to $67,000. He referred to these large investors as “buying the dip,” implying they are capitalizing on price declines.
Additionally, the latest acquisition of Bitcoin by whales could be indicative of insider knowledge regarding the cryptocurrency’s future pricing trends among major investors. Therefore, it is advisable for investors to stay alert and monitor subsequent developments, as these actions may spark market rumors and possible price fluctuations.
In addition, the large-scale acquisition of Bitcoin by whales is frequently viewed as influencing cryptocurrency market trends. This significant transaction could potentially act as a driving force behind the rise in the price of Bitcoin.
Bitcoin Price At A Glance
From my perspective as an analyst, the current price of Bitcoin hovers around $68,917, representing a modest 1% gain over the past 24 hours. However, on a weekly basis, Bitcoin displays a stronger performance, with a noteworthy 3% increase.
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2024-05-25 13:41