Bitcoin Price Sees Slight Recovery Amidst Whales’ Accumulation And Sell-Offs

Bitcoin’s price has shown signs of a slight recovery, edging back up to the $64k mark with a 2% gain today, following a retest of the $60k zone.

This modest uptick in price comes amidst reports of whale accumulation during the recent dip in the market. According to on-chain data from Lookonchain, two notable whales have been actively buying Bitcoin during this period of volatility.

“Whale1L7gnf” withdrew 820 BTC ($51.62 million) from Binance and has withdrawn a total of 3,532 BTC ($222 million) since the BTC price dropped on March 14. 

Meanwhile, a fresh wallet under the name “bc1q6d” withdrew 425 BTC ($26.85 million) from Binance within the past 24 hours.

In addition to whale accumulation, MicroStrategy has further bolstered its Bitcoin holdings by purchasing an additional 9,245 BTC ($623 million) at an average price of $67,382 between March 10 and March 18. 

With this acquisition, MicroStrategy now holds a total of 214,246 BTC ($13.6 billion), with an average buying price of $35,160.

Despite Whales Accumulation, There’s Some Notable Sell-offs And Panic Decisions From Other Traders

However, amidst the accumulation by some whales, there have also been reports of sell-offs during the recent market dip. One trader, in particular, panicked due to the continuous decrease in BTC price and sold 630 BTC ($39.8 million) at a loss. 

Despite buying back 1,332 BTC ($90.8 million) on the dip on March 16, the trader panicked again when BTC dropped ~7% and sold the same amount at a loss.

According to Spotonchain, BTC ETF Net Inflow for March 19, 2024, was -$326 million, marking the second consecutive day of negative net inflow. 

The cumulative total net inflow after 47 trading days has dropped to $11.68 billion, with BlackRock’s iShares Bitcoin Trust seeing the lowest net inflow of only $75.2 million in the past 17 trading days.

As Bitcoin continues to navigate through market fluctuations, investors remain attentive to whale activity and its impact on price dynamics in the cryptocurrency market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: designer491/123RF // Image Effects by Colorcinch


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