By Key Points
- Crowd of Bitcoin whales stock up during market dip
- Recently bought 439 million in BTC
- Large Holder’s Netflow remains positive
- USDC inflows into exchanges indicate bullish sentiment
Whales Are on a Bitcoin Buying Spree
While the market has been in turmoil, big Bitcoin investors or “whales” have been quietly accumulating large amounts of BTC. IntoTheBlock’s on-chain data shows that these whales have been net buyers since the panic began.
This metric tracks the net flow of bitcoin into or out of wallets with at least 0.1% of total supply held within them, dubbed “Large Holders Netflow”. With over 19.7 million bitcoins in circulation as of today’s date (each large holder would therefore hold at least 19,700 bitcoins), this translates to more than $1.2 billion worth at current prices and highlights how much power these entities can exert over markets.
Bitcoin Whales Quietly Buy $439 Million In BTC While Market Panics https://t.co/eNZZEqEWm0 pic.twitter.com/ZEOjGT0Bc5
— JaguarDigital (@JaguarDigi16) June 26, 2024
Net Positive Flow Despite Market Fear
Recent data indicates that Large Holders Netflow has remained positive throughout this past month – meaning there has been more money moving into those wallets than out of them – indicating accumulation even when overall sentiment is fearful and bearish.
During the recent crash where the price dipped below sixty thousand dollars ($60k), whales bought aggressively purchasing a net seven thousand one hundred thirty bitcoins (7130 BTC ) worth nearly four hundred thirty-nine million dollars ($438,806,500). This buying suggests an expectation by these buyers that prices are now attractive levels to collect more coins.
Potential Bullish Signals?
Apart from whale activity, another potential bullish sign was highlighted by Lucas, Head Researcher at IntoTheBlock who noted a substantial inflow of USDC to exchanges. Typically stable coins like USD Coin get moved onto exchanges when people want to trade them for other cryptocurrencies like Bitcoin etc.,
This trend suggests investors could be gearing up to buy more bitcoin indicating a shift in market sentiment from fear-driven selling towards opportunistic buying fueled by increased usdcoin movements together with accumulation among whales may soon lead to positive price action for btc.
Whales are taking advantage of lower prices during times when markets are shaky while this may not impact broader trends, such moves combined with large amounts being moved onto exchanges where they can easily be used to buy other coins suggest that major players within cryptocurrency markets may have reason expect things take a turn upwards again soon.
Always remembering what happens around these behemoths can give some insight into where we might find ourselves going next with regard to pricing levels across various digital assets.
