As a researcher with a background in cryptocurrency and market analysis, I find the recent buying trend of Bitcoin whales to be an intriguing development. The data shared by Thomas Fahrer, the co-founder of Apollo, reveals that these large investors have been aggressively accumulating Bitcoin during the dips, spending billions of dollars in the process. This comes at a time when smaller investors are selling their tokens, indicating a shift in market dynamics.
Large-scale Bitcoin investors remain unfazed by market fluctuations and have been actively purchasing the cryptocurrency during price dips. The latest dip to around $60,000 saw these investors buy significant amounts of BTC, resulting in daily expenditures reaching billions of dollars.
Bitcoin Whales Buy $6.3 Billion Worth Of BTC
In an exciting revelation, Thomas Fahrer, one of the co-founders of Bitcoin company Apollo, announced that large Bitcoin investors, known as whales, have been actively purchasing Bitcoin tokens during price declines. Notably, Fahrer drew attention to their significant daily spending patterns.
The founder’s report reveals that smaller investors were offloading Bitcoin during the last 24-hours, whereas major players with over 1,000 BTC in their possession purchased approximately 8,953 more coins, equating to a staggering $6.3 billion investment. This acquisition contributes significantly to their weekly accumulation total of 12,058 BTC, equivalent to nearly $9 billion worth of Bitcoin bought within just one week.
Whales accumulated $6.3 Billion worth of #Bitcoin Yesterday.
So c’mon now, fess up. Who’s selling?
— Thomas | heyapollo.com (@thomas_fahrer) May 22, 2024
In recent developments, larger token holders, such as those with between 100 and 1,000 Bitcoins, have been offloading their tokens. For instance, Fahrer’s snapshot reveals that the Sharks sold a total of 6,746 Bitcoins in a single day, equating to approximately $5 billion in value.
In the same time frame, crabs (investors with 1-10 Bitcoins) offloaded a significant amount, selling a total of 1,074 Bitcoins. Shrimps (those holding less than 1 Bitcoin) were also active sellers, disposing of 591 Bitcoins. On the other hand, fish investors, who hold between 10 and 100 Bitcoins, sold a relatively small amount during this period, at only 95 Bitcoins.
As a crypto investor observing the market trends, I’ve noticed that smaller investors have been offloading their Bitcoins to larger ones. This shift in ownership is a positive sign for the price as it indicates confidence and accumulation among larger players in the market. On a weekly basis, Shrimps sold 2,079 BTC, Crabs disposed of 5,748 BTC, Fish sold 1,155 BTC, while Sharks bought 60 BTC. However, Bitcoin whales were the major buyers with an impressive purchase of 12,085 BTC.
Several crypto experts have advocated purchasing Bitcoin, and it appears that large-scale Bitcoin investors, or “whales,” are heeding this recommendation. One of these analysts who has strongly expressed his viewpoint is Ali Martinez, who recently drew attention to an intriguing pattern on the Bitcoin price chart.
Analyst Martinez highlighted that the TD Sequential indicator, known for its past accuracy in predicting Bitcoin’s price movements, had recently signaled a buy opportunity. This buy indication emerged around the $69,500 mark, and subsequently, the BTC price surpassed $70,000, indicating the validity of this call.
“The TD Sequential indicator has effectively forecasted Bitcoin’s price movements on the one-hour timeframe. Currently, it indicates a buy signal, implying that Bitcoin may bounce back!”
— Ali (@ali_charts) May 21, 2024
As a crypto investor, I’ve noticed that when the TD Sequential indicator shows up as it currently has, historically, Bitcoin has experienced significant price surges. The last time this pattern appeared, Bitcoin climbed to a new all-time high, pushing past the $74,000 mark, resulting in an approximately 15% move upwards. However, at the moment, Bitcoin’s price is battling to stay above the $70,000 threshold, having gained around 12.22% over the last week.
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2024-05-22 16:16