Taking advantage of the recent market downturn, Bitcoin whales have seen their wallets grow by around 76,000 additional BTC in just a few days, swelling their reserves by almost $3 billion.
Bitcoin whales accumulated around $3 billion during the recent downturn
The recent Bitcoin price correction due to profit-taking after the much-anticipated launch of the first US Bitcoin ETFs, was taken advantage of by some whales. Indeed, several major market players seized the opportunity to accumulate additional Bitcoinsin particular via the Bitfinex exchange platform.
According to data from the crypto intelligence company IntoTheBlockthe portfolios of more than 1000 BTC increased their holdings to 7.8 million BTCequivalent to around $3 billion at current prices. This digital gold rush by whales underlines their confidence in Bitcoin’s long-term potential.
So nicknamed because of the colossal sums manipulated, these whales can significantly influence the crypto market through the weight of their transactions. It is estimated that around 1,000 individuals or entities, such as MicroStrategy or funds like Blackrock, control between 1% and 2% of the market. of the total supply of Bitcoins in circulation.
In short, whales often play a decisive role in market price movements due to the size of their transactions and holdings. When they buy or sell large quantities of bitcoin, they can move markets significantly. Their growing appetite for accumulating BTC usually sends a strong bullish signal to the rest of the market.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.