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Bitcoin Whales Unleash $4.26 Billion Shopping Spurt
Gamza Khanzadaev
Bitcoin Whales Just Spent a Staggering $4.3 Billion During the Market Drop – Could They Be Manipulating the Market?
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Latest data from In the Block show that Bitcoin (BTC) Whales have significantly increased their holdings by 71,000 BTC this week, taking advantage of the recent drop in BTC 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 net flow 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 Bitcoin price fell sharply to a low of $55,550. The timing suggests that whales took advantage of the lower prices to significantly increase their positions.
Following this accumulation, the price of BTC rebounded impressively, rising 10.3% to over $60,000 per BTC. This rebound highlights the impact of whale activity on the cryptocurrency market, highlighting how strategic moves by large holders can impact price trends.
The large holders net flow 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 net flow coincides with the recent price decline, suggesting that whales viewed lower prices as a buying opportunity.
The price rebound of Bitcoin After their accumulation, the question arises: could this be a sign of market manipulation by the most powerful entities?
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.