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“Whale1L7gnf” withdrew 820 BTC ($51.62 million) from Binance and has withdrawn a total of 3,532 BTC ($222 million) since the BTC price dropped on March 14.
The price of $BTC dropped by 6% again today!
We noticed that 2 whales bought $BTC on the dip!
Whale"1L7gnf" withdrew 820 $BTC($51.62M) from #Binance in the past 2 hours, and has withdrawn 3,532 $BTC($222M) from #Binance since the $BTC price dropped on Mar 14.
Fresh… pic.twitter.com/Z2PX2TaFnD
— Lookonchain (@lookonchain) March 19, 2024
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.
MicroStrategy bought another 9,245 $BTC($623M) at $67,382 from Mar 10 to Mar 18!#MicroStrategy currently holds 214,246 $BTC($13.6B), and the average buying price is $35,160.https://t.co/oQ9ci7vK3p pic.twitter.com/BQTVt4E35q
— Lookonchain (@lookonchain) March 19, 2024
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.
This trader panicked due to the continuous decrease of $BTC and sold 630 $BTC($39.8M) at a loss 2 hrs ago!
When $BTC dropped 7% from its peak, he bought $1,332 $BTC($90.8M) on the dip on Mar 16.
And $BTC dropped ~7% again today, he panicked and sold 630 $BTC ($39.8M) at a loss.… pic.twitter.com/cLdlaJoXgo
— Lookonchain (@lookonchain) March 19, 2024
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.
🚨 $BTC #ETF Net Inflow Mar 19, 2024: -$326M!
• The net inflow has been negative for 2 consecutive trading days.
• The cumulative total net inflow after 47 trading days has dropped to $11.68B, swiping away the inflows of the previous 4 trading days.
• BlackRock's iShares… https://t.co/GlFJ692Bnq pic.twitter.com/tdw2uxNp7c
— Spot On Chain (@spotonchain) March 20, 2024
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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