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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Bitcoin Whales Increase Holdings By 4.5%, Getting Ready For Rally?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Ethereum Whale

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Despite the recent market conditions that saw Bitcoin’s value dip below the critical $39,000 mark, large-scale BTC holders, often called ‘whales,’ have demonstrated their confidence in the flagship crypto.

Crypto analyst Ali has shed light on this development via a post on X, indicating that these major investors have capitalized on the recent price correction to augment their Bitcoin portfolios.

Ali’s analysis revealed that about 67 new entities have joined the elite group of Bitcoin holders who own more than 1,000 BTC, marking a 4.50% increase in such holdings within just two weeks.

While some shivered with fear during the recent price correction, #Bitcoin whales were accumulating more $BTC!

Around 67 new entities now hold 1,000 #BTC or more, marking a 4.50% increase in two weeks. pic.twitter.com/tje3fhznRR

— Ali (@ali_charts) January 30, 2024

This move by the whales goes against the prevailing market sentiment. Despite the price volatility and uncertainties that have gripped the broader crypto space, it suggests a bullish outlook from these major players.

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Why Is Bitcoin Price Up Above $43,000 Today?

1 year ago

Bitcoin Resilience And Recovery: Factors At Play

In stark contrast to its recent price slump, Bitcoin has shown resilience, charting a course of recovery. The cryptocurrency has witnessed a surge of over 10% in value over the past week, with a notable increase of 3.2% in the last 24 hours alone, bringing its trading price to approximately $43,412.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

This upward trajectory is mirrored in the cryptocurrency’s trading volume, which has escalated from below $15 billion to over $24 billion in a single day, indicating renewed investor interest and market confidence.

The resurgence in Bitcoin’s price can be attributed to multiple factors, with the diminishing impact of Grayscale’s sell-off being a primary contributor.

Bloomberg analyst James Seyffart recently highlighted a milestone event where BlackRock’s Spot Bitcoin ETF, IBIT, nearly matched Grayscale’s GBTC regarding trading volume. This was a significant moment, as it marked the closest any spot Bitcoin ETF has come to challenging GBTC, which has long held the “liquidity crown” in the crypto spot ETF space.

The positive implications of this development for Bitcoin’s price are clear. With IBIT’s volume mainly consisting of inflows, it can potentially offset the outflow-dominated volume from GBTC.

Reduced Selling Pressure And Market Optimism

Notably, Grayscale’s conversion of GBTC to a spot Bitcoin ETF had been a key factor in Bitcoin’s drop below $39,000 in the past week, leading to a wave of sell-offs from GBTC investors.

However, recent trends indicate a cooling off among GBTC investors in their rush to take profits. BitMEX Research, in a post on X, pointed out that GBTC had registered its lowest daily outflow since its launch day, amounting to $192 million yesterday.

Bitcoin ETF Flow – Day 12

GBTC flow data out

$192m outflow

— BitMEX Research (@BitMEXResearch) January 29, 2024

This declining trend in outflows signals a reduction in selling pressure in the Bitcoin market, contributing to the cryptocurrency’s price recovery.

Adding to the positive sentiment, Glassnode co-founders Jan Happel and Yann Allemann, known as Negentropic on X, have recently noted that Bitcoin’s recent rise above $42,200 has created substantial liquidity for long positions.

This situation suggests that Bitcoin is filling the liquidity void above the $42,000 mark, which could lead to volatility and market shifts. Negentropic points out that approximately $659 million in liquidations have already occurred.

Related Reading

Bitcoin Bull

Bitcoin Rally Still Has Some Legs Left, Santiment Explains Why

1 year ago

If Bitcoin maintains its upward trajectory, it could trigger further liquidations amounting to $1 billion in short positions, potentially leading to a ‘short squeeze.’ This scenario, where short sellers are forced to exit their positions due to a rapid price increase, could catalyze further growth in Bitcoin’s value.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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