As a researcher with a background in cryptocurrencies and market analysis, I find the recent accumulation of Bitcoin by whales to be an intriguing development following the post-halving price dip. The fact that large wallets holding at least 100 BTC have amassed over $2.9 billion worth of Bitcoin in just 24 hours is a clear indication of their confidence in the cryptocurrency’s future price direction.
After the drop in Bitcoin’s price following its halving event, large Bitcoin holders, or “whales,” have resumed buying Bitcoin. Could these whales cause the weekly closing price to surpass $60,000?
Bitcoin whales buy over 47,000 BTC in 24 hours
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin whales, defined as wallets possessing a minimum of 100 BTC, have amassed approximately 47,000 BTC. This accumulation represents a significant value of over $2.9 billion based on current market prices. According to Ki Young Ju, the founder and CEO of CryptoQuant, this notable increase was reported in an X post on May 3.
“Bitcoin whales accumulated 47,000 $BTC in the past 24 hours. We’re entering a new era.”
The diagram leaves out Bitcoin wallets connected to centralized exchanges (CEXs) and mining companies. However, it’s important to note that spot Bitcoin exchange-traded funds (ETFs) are included in this metric. Yet, CryptoQuant’s founder asserts that these ETFs did not cause the price increase.
“Mostly custodial wallets, including ETFs, but recent spike not ETF-related.”
As a crypto investor, I’ve noticed that the inflows into Bitcoin ETFs in the United States have taken a turn for the worse. This week, a total of over $871 million in net outflows have been recorded across the 11 Bitcoin ETFs that are currently available. This is the largest weekly outflow since these ETFs were launched, based on data from Dune.
Can BTC price close week above $60k?
According to renowned Bitcoin analyst Rekt Capital, last week’s price decline for Bitcoin was merely a “downward spike” and a weekly closing price above $60,000 could signal that this level will serve as new support. Rekt Capital expressed this idea in a May 3 social media post.
“Looks like it was just a downside wick. Weekly Close just like this would confirm this pool of liquidity as secured support.”
As a crypto investor closely monitoring Bitcoin’s price movements, I’ve noticed that based on historical chart patterns, we might be in for another week of volatility or potential downtrend. According to the analysis by Rekt Capital, this is often referred to as the “post-halving danger zone.” In simpler terms, it means Bitcoin could experience some instability following its halving event before starting a new bullish trend.
“Bitcoin still has one week left in the Post-Halving “Danger Zone” (purple). Therefore continued downside below the Re-Accumulation Range Low would not be out of the ordinary by standards of 2016 history.”
As a crypto investor, I believe that the dovish actions of the Federal Reserve could potentially provide Bitcoin with an added boost. According to my perspective as the CTO of Silent Protocol, this was expressed in an interview with CryptoMoon.
“The overall market sentiment improved due to the Fed showing signs of injecting liquidity into the economy. The U.S. announced that the seasonally adjusted nonfarm employment increased by 175,000 in April, and the unemployment rate rose to 3.9%, lower than the expected increase of 243,000 nonfarm jobs and an unemployment rate of 3.8%.”
Bitcoin watchers need to stay vigilant as the $60,000 threshold holds significant importance for the market. Dipping beneath this point could trigger over $700 million in margin calls on long positions spread across various platforms, based on data from Coinglass.
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2024-05-03 19:27