Whales Go on a Buying Spree
Following rumors of an Ethereum ETF approval, Bitcoin’s price briefly touched $70,000. Despite the SEC’s approval, BTC fell back below $70,000. However, recent data suggests a possible recovery.
Crypto analyst Ali Martinez reports significant buying activity among “whales” (large investors). These whales have purchased over 20,000 BTC ($1.34 billion) in the past day, increasing their holdings to 4.96 million BTC.
Whales “Buying the Dip”
This purchase comes after Bitcoin’s drop to $67,000. Martinez believes whales are “buying the dip,” indicating their confidence in BTC’s future value.
Whales’ Impact on Bitcoin’s Price
Whales play a significant role in the crypto market, and their buying and selling can influence prices. The recent purchase could signal a bullish outlook for Bitcoin.
Current Bitcoin Price
As of now, Bitcoin is trading around $68,917, a 1% increase in the past day and a 3% increase on the weekly timeframe.
