As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself constantly amazed at the resilience and strategic moves of Bitcoin whales. Watching them accumulate during market dips, much like vultures circling a carcass, has become a familiar sight.
Large-scale Bitcoin investors, or “whales,” have seized the opportunity presented by Bitcoin’s recent price decline to continue amassing more BTC. Meanwhile, short-term holders have transferred approximately $4 billion worth of Bitcoin to trading platforms.
As a crypto investor myself, I’ve noticed an intriguing pattern based on CryptoQuant analyst Cauê Oliveira’s insights: Bitcoin whales seemed to have seized the opportunity presented by the market panic to boost their reserves. In fact, a staggering 16,000 BTC, equivalent to approximately $1.5 billion, was added to whale reserves in just one day, following the selling spree of short-term holders.
The analyst mentioned in their post that the given figure was mirrored in the institutional wallets connected to the network. However, they also pointed out that additional Bitcoin might have been amassed because funds kept in user accounts on crypto exchanges (that were not withdrawn) are not included in the count.
According to what he said, the increase in whales (large holders) hasn’t been substantial enough to suggest a common trend of buying dips (buying when prices fall), which he noted is still primarily focused within institutional investor groups.
In the last four weeks, the price of Bitcoin has soared beyond 35%, reaching nearly $97,000. However, over the past week, it dropped from an almost record-breaking $100,000 to a low point slightly above $91,000.
It’s been noted that Bitcoin’s price surge occurred following the victory of Donald Trump in the U.S. Presidential elections, which contributed to Pantera Capital’s Bitcoin investment fund yielding more than 131,000% in total returns over its lifetime.
In a post, Dan Morehead, CEO of Pantera Capital, revealed an email he penned back in July 2013, when Bitcoin was valued at $65, stating that a “bitcoin correction” had taken place and anticipating that the cryptocurrency’s price would increase progressively.
The email notes he was going to “buy 30,000 bitcoins” with his own personal money at a time in which the cryptocurrency’s market capitalization was around $740 million. Given the small size of the cryptocurrency market at the time, Morehead noted that in 2013-15, the fund “bought 2% of the world’s bitcoins.”
To Morehead, purchasing Bitcoin in the past was similar to buying gold back in 1000 B.C., since “nearly all financial riches had not yet considered Bitcoin.” He observed that the sector has advanced and now believes that approximately 95% of the financial wealth “has still not fully invested in it.
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2024-11-29 19:16