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• Among these tokens, 3,500 $BTC ($233M) were withdrawn after the #Bitcoin price plunged.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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.