Bitcoin

Billion

<ul> 
 <li aria-level="1">MVRV ratio shows Bitcoin undervalued, suggesting current prices might offer strategic buying opportunities for savvy investors.</li> 
 <li aria-level="1">Whale activity could stabilize or boost Bitcoin prices, countering recent market downturn pressures as accumulation continues.</li> 
</ul> 
Recent Bitcoin market activity has revealed different responses among traders and large holders, known as “whales.” As Bitcoin’s price dropped below $60,000—a level previously seen as stable—many traders reacted by selling off their assets to limit losses. However, Bitcoin whales acted differently, accumulating over $1.7 billion worth of BTC, according to data from IntoTheBlock. 
This pattern of accumulation indicates that large-scale investors are moving their Bitcoin from exchanges to private wallets. Such movements usually suggest long-term holding intentions rather than preparing for immediate sale. The recent net outflows from exchanges are the highest in over a year, reflecting a shift of BTC away from the trading platforms. 
<figure id="attachment_86205" aria-describedby="caption-attachment-86205" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-86205 size-full" title="why-bitcoin-whales-are-hoarding-1-7-billion-worth-of-btc-despite-the-market-crash" src="https://www.ethnews.com/wp-content/uploads/2024/08/ITB_btc_netflow.png" alt="ITB_btc_netflow" width="768" height="512">
 <figcaption id="caption-attachment-86205" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
For the <a href="https://www.ethnews.com/investment-alert-morgan-stanley-opens-pandoras-box-with-bitcoin-etf/">broader market</a>, this whale activity might stabilize prices or lead to a potential rebound. The accumulation by these large investors shows that they see the current lower prices as a strategic buying opportunity. If this trend continues, it could counter the recent downward pressures in the market. 
<figure id="attachment_86209" aria-describedby="caption-attachment-86209" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-86209" src="https://www.ethnews.com/wp-content/uploads/2024/08/glassnode-studio_btc-balance-on-exchanges-total-btc-all-exchanges.png" alt="glassnode-studio_btc-balance-on-exchanges-total-btc-all-exchanges" width="1800" height="1013">
 <figcaption id="caption-attachment-86209" class="wp-caption-text">
 Source: Glassnode
 </figcaption>
</figure> 
Data from Glassnode supports this trend, showing a decrease in the Bitcoin balance on exchanges. The balance dropped from around 3.057 million BTC on July 30 to approximately 3.026 million BTC, consistent with the <a href="https://www.ethnews.com/bitcoin-hits-death-cross-panic-sell-or-the-best-buying-opportunity-of-2024/">ongoing trend</a> of Bitcoin moving off exchanges. 
<figure id="attachment_86213" aria-describedby="caption-attachment-86213" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-86213" src="https://www.ethnews.com/wp-content/uploads/2024/08/Bitcoin-BTC-07.24.26-10-Aug-2024-2048x693-1.png" alt="Bitcoin-BTC-07.24.26-10-Aug-2024-2048x693" width="2048" height="693">
 <figcaption id="caption-attachment-86213" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Additionally, the MVRV ratio, which measures the average profit or loss of <a href="https://www.ethnews.com/is-michael-saylors-massive-bet-on-bitcoin-a-genius-move-or-financial-madness/">Bitcoin holders</a>, is currently at -3.278%. This negative trend means recent holders are experiencing losses, suggesting that Bitcoin may be undervalued. 
The post <a href="https://www.ethnews.com/why-bitcoin-whales-are-hoarding-1-7-billion-worth-of-btc-despite-the-market-crash/">Why Bitcoin Whales Are Hoarding $1.7 Billion Worth of BTC Despite the Market Crash!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Why Bitcoin Whales Are Hoarding $1.7 Billion Worth of BTC Despite the Market Crash!

ETHNews

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