United

Bitcoin

when

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-continues-to-attract-significant-whale-investments/" data-wpel-link="internal">Bitcoin Continues to Attract Significant Whale Investments</a> 
<a href="https://en.coin-turk.com/bitcoin-continues-to-face-corrections-as-prices-drop/" data-wpel-link="internal">Bitcoin</a> continues to trade between $60,000 and $70,000. On-chain analysis indicates a wave of new optimism. On-chain analyst Willy Woo highlighted on May 7th that high-net-worth BTC <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> are rapidly accumulating. 
<h2 style="text-align: justify" id="bitcoin-charts-and-whales">Bitcoin Charts and Whales</h2> 
A chart shared by the analyst shows that whales owning between 100 and 1,000 BTC have increased their purchases in the last two months. Woo states that this participation marks the “strongest buying frenzy” by whales in recent times. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-348887" src="https://coin-turk.com/wp-content/uploads/2024/05/bitcoin-coin-turk-com.png" alt="" width="1225" height="610"> 
Moreover, while the excitement continues, some believe this sharp increase in BTC by this investor group is linked to spot Bitcoin exchange-traded fund (ETF) issuers. 
Following the United States Securities and Exchange Commission (SEC) approval of the first spot ETFs in January, issuers including Fidelity, Bitwise, and ProShares now control over 850,000 BTC. 
Woo disagrees with this view, stating that the recent rise is not due to the participation of this Wall Street group. 
He also highlights inconsistencies when looking at public spot ETF flow data. 
For instance, while the mentioned whales have been buying BTC for two months, owning over 220,000 BTC according to network activity, there has been a decrease in spot ETF flows during this period with only about 165,000 BTC purchased. 
<h2 style="text-align: justify" id="will-bitcoin-prices-rise">Will Bitcoin Prices Rise?</h2> 
Woo also notes that the recent accumulation activity in Bitcoin over the last two months did not stem from a single large purchase. Instead, there was a clear, continuous buying activity over a 30-day period. 
This suggests that the whales’ approaches are deliberate, and large investors are strategically eager to accumulate during periods of low <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">prices</a>. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-348890" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-coin-turk-com-1.png" alt="" width="2433" height="1145"> 
Looking at on-chain activities, it is evident that whales are involved and actively purchasing. 
As of the time of writing, BTC prices, which have fallen below $62,500, appear to continue their decline from a peak of $73,800. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-continues-to-attract-significant-whale-investments/" data-wpel-link="internal">Bitcoin Continues to Attract Significant Whale Investments</a></h5>

Bitcoin Continues to Attract Significant Whale Investments

Table of Contents

COINTURK NEWS

Other articles published on May 8, 2024

Today’s Stock Market Update: Sensex and Nifty 50 Stabilize; Mid and Smallcap Indices on the Rise

LocalMonero Announces Plan to Shutdown P2P Exchange

Impact of Federal Reserve’s Interest Rate Hike Announcement on Bitcoin (BTC): An Expert Analysis

Giant Bitcoin Whales Accumulate $941M BTC As Fed Official Says Rates Cuts to Delay

Best Cryptocurrencies to Invest in Right Now May 8 – Tezos, THORChain, Cosmos

Pepe Coin Attracting Big Crypto Investors: Over $50 M Invested

Join our free newsletter for daily crypto updates!