Market Times:

London:

New York:

Singapore:


News

Bitcoin Whales Accumulate Over $2.7B in BTC Within 24 Hours

Bitcoin whales have capitalized on BTC’s recent price drop to accumulate 47,000 BTC within 24 hours.

Avatar image of Mishael Nwani Mishael Nwani•May 3, 2024
hand holding bitcoins

On-chain data from the blockchain analytics platform CryptoQuant reveals that Bitcoin whales have accrued 47,000 BTC worth more than $2.7 billion worth of BTC in just 24 hours. The big buys come amid the cryptocurrency’s recent price downturn.

Bitcoin Whales Buy the Dip

Earlier this year, BTC attained an all-time high (ATH) of $73,700. After the historic halving event, the leading cryptocurrency took a significant downturn, shedding nearly 25% to as low as $56,600.

The latest metric shows that Bitcoin whales are buying the dip, fortifying their BTC positions. Such buying actions can potentially take BTC’s value higher as it indicates an increase in demand.

This week alone, several entities have capitalized on the price dip to accumulate BTC. One such entity is the business intelligence firm MicroStrategy. Earlier this week, the company splashed $7.8 million on the leading cryptocurrency. This brought its total BTC portfolio to 214,400 BTC, representing over 1% of Bitcoin’s total supply of 21 million coins.

BTC Trades Below $60K

At press time, BTC traded at $58,900, representing an 8% price drop within the past week. Several users are rooting for a BTC price comeback above the $60K price mark. Earlier today, the BitMEX founder, Arthur Hayes, stated that the leading cryptocurrency has hit a bottom price and is now poised to steadily increase to the $60K to $70K price range.

Another prominent figure, ARK Invest’s CEO Cathie Wood recently predicted that the leading cryptocurrency will soar to as high as $3.8 million by the end of 2030. However, she explained that the feat could be achieved only if institutional investors heavily adopted the asset. Presently, BTC has captured the interest of several investment companies, countries, and retail users. A recent study from VanEck shows that ETFs, governments, and companies hold as much as $175 billion in BTC.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.