Bitcoin
Bitcoin Whales Unleash Crazy $4.26 Billion Buying Spree by U.Today
U.Today – The latest data from IntoTheBlock shows that (BTC) whales have significantly increased their holdings by 71,000 BTC this week, taking advantage of the recent drop in BTC’s price. The Large Holders Netflow metric, which tracks the activity of investors holding more than 0.1% of the total Bitcoin supply, indicates significant accumulation by these large players.
The netflow metric shows a large increase, corresponding to an addition of over 70,000 BTC, equivalent to over $4.3 billion. This accumulation occurred at a time when the price of Bitcoin fell sharply to a low of $55,550. The timing suggests that whales took advantage of the lower prices to add significantly to their positions.
Following this accumulation, the price of BTC recovered impressively, rising 10.3% to over $60,000 per BTC. This recovery underscores the impact of whale activity on the cryptocurrency market, highlighting how strategic moves by large holders can influence price trends.
The large holder netflow metric serves as a valuable indicator of large investor behavior. Spikes in this metric typically signal accumulation, while dips indicate reduced positions or selling. This week’s spike in netflow coincides with the recent price drop, suggesting that whales viewed lower prices as a buying opportunity.
Bitcoin’s price recovery after its accumulation raises the question: could this be a sign of market manipulation by the most powerful entities?