The latest Bitcoin news show that the most dominant coin has had a hard couple of days with its recent price movements. However, some whales are loading up on BTC and hoping for the next Bitcoin rally which may shake up the market. Over the past seven days, there have been many dips that showed how the major coin is suffering, and now whales are on the move with their new investments.
We have reported about whales moving large amounts of crypto across different wallets before, and this tends to happen during both bull and bear markets. However, recent metrics show that whales are loading up on BTC and using the current price crashes as their buying opportunity. Amounts from 100 to 1,000 in BTC have been registered over the past week by whales, showing that there is still some potential for a new rally.
Data collected from TradingView.com on the BTC/USD pair shows that there are wallets with at least 100 to 10,000 BTC where Bitcoin whales have been increasing their holdings over the past few days. Collectively, the whales have accumulated over $2.9 billion worth of BTC since the start of the week. After the price crash registered on September 7th, the market went into a period of low momentum and presented the perfect opportunity for big investors to buy Bitcoin on the cheap.
While whales are loading up on BTC, analysts are still uncertain about the current shock the market is in. When we take the spending rate of the whale wallets into account, we can see that there is not much spending activity – most of the whales keep the assets in their wallets without moving them, or only moving them into other personal wallets. This shows that whales are now accumulating BTC and not planning to sell anytime soon.
Currently, the market is neutral and instead of triggering a continuation of the bull run that it had at the start of the month, we can see that there are still some dips. The cryptonews show that BTC had lost over 17% of its value in the flash crash, but due to its quick comeback, the market is currently set at neutral.
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