Ethereum and Bitcoin Whales Embark On Buying Spree Amid Price Dips – Market Recovery Underway?
The crypto market has witnessed notable correction over the past few days, with Bitcoin and Ethereum slipping off crucial support zones. This price dip has triggered a significant surge in whale activity.
With every dip in Bitcoin and Ethereum price, whales accumulate more tokens. Some top Bitcoin investors purchased more than $1 billion of BTC over the past 24 hours.
Similarly, a top Ethereum whale amassed over $32 million in Ether within seven days.
Whales' Activity Skyrockets Amid Declining Ethereum and Bitcoin PricesBitcoin has lost its anchor at the $63,000 threshold, and Ether has fallen below $3,000. With the gradual contraction in the broader crypto market, selling pressure builds, with whales seizing the opportunity to buy more assets.
Data from Santiment, an on-chain market intelligence platform, showed a remarkable surge in whale activity for Bitcoin over the past 24 hours. According to the data, investors' wallets with 1,000 to 10,000 BTC tokens accumulated $941 million in Bitcoin.
The buying frenzy represents a rebound to the whales' highest bitcoin-holding level over the past 14 days.
As #Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K $BTC have collectively accumulated ~$941M worth of coins, rebounding to their highest holding level in 2 weeks. https://t.co/NkYwRsc8Pd pic.twitter.com/LWAt03TgUP
- Santiment (@santimentfeed) May 8, 2024
Similarly, on-chain data provider Lookonchain revealed a whale activity involving the second-largest crypto asset by market cap, Ethereum. According to the data, a top investor holding a long Ether position withdrew 6,030 ETH worth about $18.09 million from Binance.
The massive whale transaction follows a consistent accumulation pattern from Binance since the start of May. On-chain data showed that the whale had swopped about 10,758 ETH worth $32.14 million from Binance since May 2.
A whale who is long $ETH withdrew 6,030 $ETH($18.09M) from #Binance again 20 minutes ago.
This whale has accumulated 10,758 $ETH($32.14M) from #Binance since May 2.
He swapped $ETH to $stETH and deposited it into #Aave, then borrowed $28.5M stablecoins from #Aave to buy more... pic.twitter.com/tbtXLDbvua
- Lookonchain (@lookonchain) May 9, 2024
Further, the large investor has completed several transactions from his wallet. He converted the acquired ETH coins to staked Ethereum (stETH), which he deposited at Aave, a DeFi lending platform.
Also, the whale borrowed $28.5 million in stablecoins from the leading platform to purchase more Ether.
Crypto Market Outlook: Massive Bitcoin Rally Underway?The massive whales' accumulation of Bitcoin dips could signify an upcoming rally. Most crypto investors usually buy the dips and wait for a bullish overturn in sales and huge profits.
Moreover, amid the ongoing downturn, some prominent crypto personalities have made bold predictions for the price of Bitcoin. In a recent X thread, Ji Young Ki, the CEO of CryptoQuant, said Bitcoin has strong fundamentals that would support a three-fold increase in its market cap. He noted that BTC has all it takes to shoot its price to $265,000.
#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. pic.twitter.com/GnsrSIrtuY
- Ki Young Ju (@ki_young_ju) May 8, 2024
Meanwhile, as of 06:06 AM EST on May 9, Bitcoin trades at $61,163, representing a drop of 1.91% over the past 24 hours. Its market cap now sits at $1.20 trillion, while its dominance over the altcoins is 53.18%.
Ethereum's price now hovers around $2,976, following a slight decrease of 0.84% in the past day.
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