2024

Bitcoin

Notable

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Bitcoin&nbsp;analyst&nbsp;<a href="https://u.today/bitcoin-btc-can-reach-310000-if-this-happens-willy-woo" rel="noopener noreferrer nofollow">Willy Woo</a> identified a notable trend&nbsp;that has appeared&nbsp;onthe Bitcoin market: a surge in buying activity by high-net-worth holders.
The past two months have witnessed an unprecedented buying spree among high-net-worth <a href="https://u.today/145-million-btc-set-new-record-for-bitcoin-long-term-holders-supply-details" rel="noopener noreferrer nofollow">Bitcoin holders</a>, also known as "whales" within the crypto community. These&nbsp;individuals or entities, with significant financial resources at their disposal, have been aggressively accumulating Bitcoin at levels not seen before.
"Never has there been such a buying spree by high net worth Bitcoin holders as has happened in the last 2 months with BTC ranging between $60,000 to $70,000. These&nbsp;are the guys holding between 100 and 1000 BTC or roughly $6.5 million - $65 million of BTC," <a href="https://twitter.com/woonomic/status/1787784015740862554" rel="noopener noreferrer nofollow">Woo</a> tweeted.
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 Never has there been such a buying spree by high net worth <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> holders as has happened in the last 2 months with BTC ranging between 60-70k.These are the guys holding between 100 and 1000 BTC or roughly $6.5m - $65m of BTC. <a href="https://t.co/oUuqD5UNdG" rel="noopener noreferrer nofollow">pic.twitter.com/oUuqD5UNdG</a>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1787784015740862554?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 7, 2024</a>
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This aggressive buying behavior raises the question: do these whales know something that the rest of the market does not?
One probable explanation for this surge in whale activity could be their anticipation of a forthcoming bullish trend on the Bitcoin market. With&nbsp;institutional adoption on the rise, whales may be positioning themselves ahead of a potential price rally, believing that current levels are an ideal entry point for accumulation. However, the specific motivations for the whales' buying frenzy remain unknown.
<h2 id="here-s-the-catch">Here's the catch</h2>
Data from on-chain analytics firm <a href="https://twitter.com/intotheblock/status/1787451114855518282" rel="noopener noreferrer nofollow">IntoTheBlock</a> reveals that Bitcoin whales, or addresses with more than 1,000 BTC, have accumulated significantly in recent months, particularly during price dips.
IntoTheBlock notices a trend of dip buying among Bitcoin whales,&nbsp;albeit&nbsp;with waning conviction.&nbsp;
"Whales are buying the dip, but is their conviction dwindling? Addresses&nbsp;holding over 1000 BTC have accumulated strongly in recent months, especially during dips," IntoTheBlock observed,&nbsp;adding&nbsp;that prices have risen shortly after each accumulation.
However, a falling accumulation trend&nbsp;has been noted&nbsp;among these <a href="https://u.today/bitcoin-holders-activity-sets-new-milestone-despite-btcs-lull-near-29k" rel="noopener noreferrer nofollow">BTC large holders</a>,&nbsp;with&nbsp;each surge in accumulation less than the previous one. Could&nbsp;this indicate that whales have less and less appetite to buy the dip?
At the time of writing,&nbsp;BTC was down 1.60% in the last 24 hours to $63,003.&nbsp;

Bitcoin Whale Watch: Mystery Behind BTC Big Movers Revealed

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