Crypto Whales on an Accumulation Spree as Amid Bitcoin Price Dip

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• Among these tokens, 3,500 $BTC ($233M) were withdrawn after the #Bitcoin price plunged.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.

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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.

Alexander Stefanov