Bitcoin whales are not showing any signs of slowing down in the market. Despite the recent dip in the price of Bitcoin towards $60,000, these large investors have continued to capitalize on the opportunity by buying every dip. The co-founder of Bitcoin-based company Apollo, Thomas Fahrer, made a stunning discovery when he revealed that Bitcoin whales have been rapidly buying up tokens amidst the price drawdown.
Fahrer highlighted that the daily spending of these whales caught his attention. According to a report shared by the founder, while smaller investors were selling their bitcoins, Bitcoin whales were purchasing billions of dollars worth of coins. In a 24-hour period, these whales holding more than 1,000 BTC in their balances accumulated 8,953 BTC, valued at $6.3 billion at that time. Furthermore, their weekly accumulation numbers stood at 12,058 BTC, which is almost $9 billion worth of BTC bought in just one week.
The accumulation trend of Bitcoin whales contrasts with the selling behavior of smaller investors. Fahrer shared a screenshot indicating that Sharks, investors holding between 100-1,000 BTC, sold 6,746 BTC in one day, totaling around $5 billion. On the other hand, Crabs (investors holding 1-10 BTC) sold 1,074 BTC in the same period. Shrimps, investors holding 0-1 BTC, were also seen selling, with a total of 591 BTC being sold. Fish investors, holding 10-100 BTC, only sold 95 BTC in the 24-hour period.
This flow of investors indicates that Bitcoin is moving from smaller investors towards larger ones, which is generally seen as a bullish sign for the price. On a weekly timeframe, Shrimps sold 2,079 BTC, Crabs sold 5,748 BTC, Fish sold 1,155 BTC, while Sharks bought up 60 BTC. Bitcoin whales led the way with an accumulation of 12,085 BTC. It is clear that smaller investors are selling while the larger ones, including Bitcoin whales, are buying up the digital asset.
Several crypto analysts have been vocal about the current market situation, calling for buying opportunities. Ali Martinez, one of the analysts, shared an interesting formation on the Bitcoin chart. Martinez pointed out that the TD Sequential, which had previously predicted Bitcoin price movements, had flashed a buy signal. The analyst presented this buy signal around the $69,500 level, and since then, the price of Bitcoin has rebounded above $70,000, confirming the accuracy of the buy signal.
If the TD Sequential indicator continues to hold true, Bitcoin could potentially reach a new all-time high above $74,000, considering the last significant move of almost 15%. Currently, Bitcoin bulls are actively trying to maintain the price above $70,000, showing a 12.22% increase in the last week. The market sentiment seems to be positive, with Bitcoin whales leading the way in accumulating more coins amidst the selling pressure from smaller investors.