Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?
April 26 2024 - 5:00PM
NEWSBTC
While Bitcoin prices struggle for momentum and are caged inside a
narrow range, on-chain data tells a different story. Taking to X,
one analyst notes that whales, which are large crypto holders,
are actively accumulating the world’s largest coin by market
cap. Bitcoin Whales Accumulating Despite Weakness By the time
this data was shared, Bitcoin whales held over 5.1 million BTC
worth a staggering $331 billion. That there is still demand when
the coin moves in a narrow range flies in the face of recent market
weakness and skeptics betting on even more price dumps. Related
Reading: After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2
Memecoins Currently, Bitcoin is inside a range, with caps at
$73,800 and $60,000. Despite overall market confidence, the coin
has failed to pull higher, breaking above $70,000 even after
Halving on April 20. Even though prices are firm, the absence of
follow-through after April 21 and 22 hints at weakness. From the
BTCUSDT price chart, the coin could explode should it break above
the middle BB. If the leg up is accompanied by positive fundamental
events, momentum could push the coin to all-time highs. On the flip
side, BTC is likely to slip even lower should sellers flow back.
The sharp rejection of bulls on April 24 is bearish. As such, this
might set a wave of lower lows in motion, taking the coin below
April 2023 lows. Traders Panicked Sold, Register Huge Losses
Parallel market data shows panic sellers on Binance and OKX,
two major crypto exchanges by trading volumes, have dumped a
combined 5,137 BTC at a loss over the past two weeks. As data
shows, prices have been weaving lower during this time, with bulls
failing to counter the dump, especially after two consecutive
losses on April 12 and 13. Related Reading: DOGE Price Prediction –
Dogecoin Below $0.14 Could Spark Larger Degree Drop Meanwhile,
there have been sharp outflows from ARKB, the spot Bitcoin
exchange-traded fund (ETF). Data shows that ARKB sold 490 BTC,
worth $31 million, on April 25. This is the third-largest
single-day outflow in history. Recent price pressures on BTC
coincide with a marked drop in spot ETF inflows in the second half
of April. On April 25, Lookonchain data revealed that
GBTC and all the nine spot ETF issuers decreased over 2,100 BTC
worth roughly $135 million. Feature image from Shutterstock, chart
from TradingView
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