Bitcoin Whales Bagged $2.8B Worth of BTC in a Day: CryptoQuant
Bitcoins recent market correction that dragged the worlds largest cryptocurrency near the low of $56,500 turned out to be a good opportunity for high-profile investors.
Data shared by CryptoQuant CEO Ki Young Ju revealed that whales have accumulated a whopping 47,000 BTC worth more than $2.8 billion in current price over the past 24 hours alone. This shopping spree signals the beginning of a new era for the primary cryptocurrency, according to the exec.
Bitcoin whales increasing their holdings may indicate growing confidence in the cryptocurrencys future trajectory among institutional investors or high-net-worth entities.
The CryptoQuant founder also revealed that the whale wallets in question are mostly custodial ones, including ETFs, but clarified that the recent spike is not ETF-related.
#Bitcoin whales accumulated 47K $BTC in the past 24 hours. Were entering a new era. pic.twitter.com/SXgzToN8GU
Ki Young Ju (@ki_young_ju) May 3, 2024
There appears to be a change of heart as just a week ago, long-term bitcoin whales saw a substantial increase in their unrealized profits, especially as the price remained above $60,000.
Although their profits had risen significantly, these whales hadnt yet cashed out, indicating they were holding onto their positions.
This aligned with a notable increase in bitcoin exchange inflows, mostly attributed to whales, which subsequently led to a market-wide slump.
Following the latest whale accumulation, however, bitcoin climbed by over 6% to surge above $62,000 on Friday, staging a modest relief rally.
The whale known as Mr. 100 bought over 4,100 BTC worth over $242 million at around $58,000 on May 2nd, marking the wallets first bitcoin purchase since April 19, just before the 2024 halving.
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Text source: CryptoPotato
