Bitcoin Whales Accumulate $200M in 24 Hours Amidst Volatility
1min read Bitcoin whales have significantly increased their holdings in the past 24 hours, according to on-chain data. This surge in interest from large investors comes amidst a period of market volatility and geopolitical uncertainty.
OnchainDataNerd monitoring revealed that several whales have withdrawn substantial amounts of Bitcoin from Binance. One whale, identified by the address bc1q0, withdrew 600 BTC (approximately $51.5 million) and has accumulated purchases totaling 2,100 BTC (approximately $178.21 million) over the past three days at an average price of $84,860.
Another whale, 3PRHV, withdrew 73.44 BTC (approximately $6.25 million) with an entry price of $85,188. Galaxy_Digital withdrew 657 BTC (approximately $61.58 million), while 377Cr withdrew 332 BTC (approximately $31.25 million).
Analysts suggest that these large-scale purchases indicate a growing confidence in Bitcoin's long-term prospects. Despite recent market fluctuations, Bitcoin's fundamentals remain strong, with a growing network of merchants and institutions adopting the cryptocurrency as a means of payment and store of value.
Moreover, the increasing interest from whales may also be a response to the ongoing geopolitical tensions and economic uncertainties. Bitcoin's decentralized nature and potential as a safe haven asset have made it an attractive option for investors seeking to diversify their portfolios.
Ask Aime: How is the increase in Bitcoin holdings by whales affecting the market volatility?
As the market continues to evolve, it will be crucial to monitor the activities of these large investors. Their actions can significantly impact the market dynamics and provide valuable insights into the overall sentiment towards Bitcoin.
