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Blockchain analytics company IntoTheBlock's indicator of net inflow from large holders shows that Bitcoin addresses holding at least 0.1% of the supply added 19,760 bitcoins on Friday, worth over $1.2 billion at an average price of $62,500.
Large holders—often referred to as whales in cryptocurrency slang—are significant market participants who control a large amount of digital assets and are typically considered savvy, well-informed investors. Their buying and selling activities can have a considerable impact on the market, so cryptocurrency observers closely monitor their behavior to predict price movements.
IntoTheBlock stated in a post, "Bitcoin whales may finally be starting to buy the dip." "Historically, accumulation from these addresses tends to precede an increase in the price of Bitcoin."
The recent actions mark a significant shift in whale behavior compared to earlier, when large investors did not intervene to take advantage of weakness, raising concerns about further downside.
These purchases, coupled with Israeli airstrikes on Iran, may have prompted Bitcoin to rebound sharply from an overnight low of $59,600 to above $65,000. The prominent cryptocurrency trader Skew also noted that the recovery was partly driven by spot BTC buyers. BTC closed near $64,000 in the recent period, up 1% over the past 24 hours.
David Han, an institutional research analyst at Coinbase, stated in a report on Friday: While margin sellers appear to be reducing risk, opportunistic buying has also emerged between $60,000 and $62,000 levels, and we believe this directional uncertainty underscores our point that Bitcoin serves different roles as a risk asset and a safe haven asset. |
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Post time 26-4-2024 07:13:16