Bitcoin whales aren’t staying out of the market; instead, they buy Bitcoin (BTC) at a rate that has never been seen before whenever the price drops. When the price dropped to around $60,000, these big buyers spent billions of dollars all at once, making them even more powerful in the market.
Thomas Fahrer, co-founder of the Bitcoin-based company Apollo, made a shocking announcement: Bitcoin whales have been buying BTC very quickly as the price has been going down. The amount of money these whales spend every day has really caught my attention.
Fahrer’s story says that small investors have been selling BTC while Bitcoin whales have been buying it for billions of dollars. In just 24 hours, whales who owned more than 1,000 BTC each gained 8,953 BTC, which was worth $6.3 billion at the time. This brings their weekly total to 12,058 BTC, which is about $9 billion.
Bitcoin Market Dynamics Shift as Smaller Buyers Sell
The way smaller buyers have been acting is very different from this trend of accumulation. Drivers’ records show that Sharks (investors with 100 to 1,000 BTC) sold 6,746 BTC in one day, which is worth about $5 billion. There were also big sellers like crabs (holding 1–10 BTC) which sold 1,074 BTC and shrimp (holding 0–1 BTC) which sold 591 BTC. During this time, fish buyers with 10 to 100 BTC only sold 95 BTC.
The fact that BTC is moving from small investors to bigger ones shows that the price of Bitcoin is going up. Shrimps sold 2,079 BTC last week, Crabs sold 5,748 BTC, Fish sold 1,155 BTC, and Sharks bought 60 BTC. BTC whales bought the most, with 12,085 BTC.
A number of crypto experts have said that investors should buy, and it looks like BTC whales are following their advice. Ali Martinez, a strong supporter of buying, pointed out an interesting pattern on the Bitcoin chart.
Martinez said that the TD Sequential indicator, which has a history of correctly predicting how the BTC price will move, had shown a buy signal around the $69,500 level. Bitcoin’s price has gone back up above $70,000 since then, proving the buy hint was correct.
Bitcoin could set a new all-time high above $74,000 if the TD Sequential continues to hold. The last signal led to a move of almost 15%. BTC bulls are currently trying to keep the price above $70,000 since the cryptocurrency’s price has gone up 12.22% in the last week.
There is a bullish view for BTC because Bitcoin whales are still active and technical indicators are showing positive signals. The price could go up a lot in the near future.
