Despite Bitcoin trading below $67,000, large investors are seizing the opportunity to buy in.
According to Lookonchain, a market intelligence service, these major investors have been actively increasing their holdings following Monday’s price drop.
Four whales accumulated 5,900 $BTC ($397M) from CEX in the past 24 hours!
1️⃣ Whale “12QVs” withdrew 4,500 $BTC ($303M) from #Binance at ~$67,298.
• Among these tokens, 3,500 $BTC ($233M) were withdrawn after the #Bitcoin price plunged.
2️⃣ Three whales (likely one entity)… pic.twitter.com/YCWNM5GI4z
— Spot On Chain (@spotonchain) July 30, 2024
One prominent investor, identified as “12QVsf,” withdrew 4,500 BTC, valued at over $302 million, from Binance.
This whale is also connected to three other wallets that collectively moved 1,400 BTC, worth $94 million, from Bitfinex on Tuesday morning.
Additionally, these wallets had previously extracted 2,510 BTC, amounting to over $163 million, from Bitfinex on June 20.
Spot On Chain, an on-chain analytics platform, has also noted this accumulation trend.
Following a high of $73,000 in March, analysts are optimistic about Bitcoin’s prospects, predicting a potential bull run that could push its value above $100,000 in the near future.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.