Bitcoin whales, those with big wallets holding between 100 and 1,000 Bitcoin, have been scooping up the cryptocurrency lately. According to analytics firm Santiment, these whales have purchased over $5.76 billion worth of Bitcoin in just six weeks, even as the market has been shaky.
This is a sign that some investors are seeing the recent dip as a buying opportunity. Santiment says that while many traders are getting nervous about the price fluctuations, these big players are taking advantage of the lower prices to buy more Bitcoin.
Other analytics firms are seeing the same trend.
This is good news for Bitcoin bulls. Ki Young Ju, CEO of CryptoQuant, says that Bitcoin’s on-chain indicators are back to bullish territory after a brief dip into bearish territory. This means that most indicators are pointing to a continued rise in Bitcoin’s price.
So, what does this mean for the future of Bitcoin? It’s still too early to say for sure, but the fact that big investors are buying up Bitcoin despite the market volatility is a positive sign. It suggests that they believe Bitcoin’s long-term prospects are still strong.
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