Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears
22 Maggio 2024 - 4:00PM
NEWSBTC
Bitcoin whales are not backing down from the market and have
continued to capitalize on the pump by buying every dip. The most
recent dip toward $60,000 saw these large investors gobble up BTC
at an alarming rate, with their daily spending coming in at
billions of dollars. Bitcoin Whales Buy $6.3 Billion Worth Of BTC
In a stunning discovery, co-founder of Bitcoin-based company
Apollo, Thomas Fahrer, revealed that Bitcoin whales have been
rapidly buying up the tokens amid price drawdown. More
specifically, the daily spend of these whales caught Fahrer’s eye.
Related Reading: Solana Cup And Handle Pattern Means An At Least
90% Move Against Ethereum, Analyst Says The report shared by the
founder shows that while smaller investors had been selling,
Bitcoin whales were buying up billions of dollars worth of coins.
In the 24-hour period, these whales holding more than 1,000 BTC on
their balances accumulated 8,953 BTC, worth $6.3 billion at the
time. This further adds to their weekly accumulation numbers,
coming out at 12,058 BTC, which is almost $9 billion worth of BTC
bought in one week. Whales accumulated $6.3 Billion worth of
#Bitcoin Yesterday. So c’mon now, fess up. Who’s selling?
pic.twitter.com/3dLD2BI89L — Thomas | heyapollo.com
(@thomas_fahrer) May 22, 2024 This accumulation trend comes in
light of smaller investors selling their tokens. For example,
Fahrer’s screenshot show Sharks, which are investors holding
between 100-1,000 BTC on their balances sold 6,746 BTC in one day,
worth around $5 billion. Other notable sellers include the crabs,
which are investors holding 1-10 BTC, selling 1,074 BTC in the same
time period. Shrimps – investors holding 0-1 BTC, were also caught
selling, with a total of 591 BTC sold. While Fish investors, those
holding 10-100 BTC, sold only 95 BTC in the one day period. The
flow of these investors shows that BTC is flowing out from smaller
investors toward larger investors, something that is bullish for
the price. The same is the case on the weekly timeframe where
Shrimps sold 2,079 BTC, Crabs sold 5,748 BTC, Fish sold 1,155 BTC,
while Sharks bought up 60 BTC, with Bitcoin whales buying the
majority with 12,085 BTC. Time To Buy A number of crypto analysts
have called for buying and it seems Bitcoin whales are the ones
following this advice. One of the analysts who has been vocal about
it being the time to buy is Ali Martinez, who shared an interesting
formation on the Bitcoin chart. Related Reading: Why Is The
Ethereum Price Up 20% Today? Martinez pointed out that the TD
Sequential, which had previously predicted the Bitcoin price
movement, had flashed a buy signal. The level at which this analyst
presented this buy signal was around the $69,500 level, and since
then, the BTC price has since rebounded above $70,000, suggesting
the buy signal was correct. The TD Sequential has accurately
predicted #Bitcoin price action on the one-hour chart. Now, it
presents a buy signal, anticipating $BTC will rebound!
pic.twitter.com/6ImRkREPVW — Ali (@ali_charts) May 21, 2024 If the
TD Sequential holds like it did the last time it appeared, then the
current price push could see Bitcoin reach a new all-time high
above $74,000, since the last one saw an almost 15% move. But for
now, Bitcoin bulls are fighting to maintain its position above
$70,000, with a 12.22% increase in the last week. Featured image
created with Dall.E, chart from Tradingview.com
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