Bottoming Out? Bitcoin Whales Accumulate Over $400 Million in $BTC in a Single Day: Data

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As an experienced analyst, I find the recent accumulation of Bitcoin by large investors, or “whales,” to be a significant development that could indicate a potential bullish turn for the cryptocurrency market. The data from IntoTheBlock showing a net inflow of 7,130 BTC worth $436 million into the wallets of these major holders in just one day amid a price drop is noteworthy. This buying activity represents the strongest net inflows since late May and may suggest that these whales view current prices as an attractive opportunity to add to their Bitcoin holdings, potentially disregarding wider market fear.

Big-time Bitcoin holders, often referred to as “whales,” have been stealthily purchasing the pioneering cryptocurrency as its value appears to rebound following a notable drop that pushed it down to around $58,000.

As a researcher examining data from on-chain analytics firm IntoTheBlock, I’ve discovered that entities holding over 0.1% of Bitcoin’s entire supply have recently purchased approximately 7,130 BTC, equivalent to around $436 million, during the current price decline.

The “Large Holders Netflow” metric records the overall movement of Bitcoin between wallets belonging to significant investors. These investors are defined as those possessing a minimum of 0.1% of the entire Bitcoin supply. This equates to approximately 19,700 BTC or around $1.2 billion in value.

In spite of market uncertainty and fear, unfalteringly, the largest Bitcoin wallets experienced a significant surge in inflows, marking the highest intake since late May. Specifically, those possessing over 0.1% of the entire Bitcoin supply added approximately 7,130 Bitcoins, equivalent to around $436 million, to their respective wallets yesterday.

— IntoTheBlock (@intotheblock) June 25, 2024

As an analyst, I’ve observed a significant surge in buying activity among large Bitcoin holders recently, which marks the most robust net inflows since late May. This trend could be indicative of these whales viewing current prices as undervalued and seizing the opportunity to expand their Bitcoin holdings. Despite prevailing market anxieties, they seem unfazed and confident in the long-term potential of Bitcoin.

Based on my research as a cryptocurrency analyst, I’ve come across an intriguing development regarding Bitcoin’s recent price trend. According to a report by CryptoGlobe, the Relative Strength Index (RSI), a widely used technical indicator, has indicated that Bitcoin has entered oversold territory. This means that the asset’s recent price changes have shown extreme weakness, based on historical data. Analyst Ali Martinez drew attention to this fact, pointing out that each of the last three times Bitcoin dipped into oversold territory, its price experienced a significant surge.

As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin dipped below the $62,000 mark, pushing it into oversold territory. However, despite this, the cryptocurrency continued to decline, dropping further to trade around $58,000. Subsequently, it has rebounded slightly and is currently being exchanged at approximately $61,100.

As a crypto investor, I’ve noticed an intriguing pattern in Bitcoin’s price movements: when the Relative Strength Index (RSI) reaches oversold levels, significant price rallies often follow. For instance, back in August 2023, an oversold RSI led to a stunning 197% price surge. Similarly, in November 2022 and March 2023, the Bitcoin price saw impressive rallies of 60% and 62%, respectively, after the RSI reached oversold levels.

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2024-06-27 03:10