Bitcoin whales have been busy accumulating over $1.6 billion worth of BTC tokens in just 48 hours, taking advantage of the current market downturn as a prime “buy-the-dip” opportunity.
Renowned market analyst Ali Martinez brought this accumulation spree to light in a recent post on X. Drawing data from market intelligence resource Santiment, Martinez uncovered that these whale addresses have acquired a whopping 30,000 BTC tokens, equivalent to $1.62 billion, during this short period.
Martinez also highlighted the surge in Bitcoin’s exchange outflows, a trend that has been on the rise recently. Data from CryptoQuant corroborates this observation, showing a significant spike in exchange outflows to 131,907 BTC earlier last month, the highest since March 1.
Despite a drop in outflows as July transitioned into August, a notable recovery took place amidst the ongoing market crash. On August 5 alone, exchanges saw a massive 89,378 BTC outflow as BTC prices plummeted to $54K. As of now, exchange outflows have totaled 33,788 BTC.
Furthermore, the Bitcoin exchange reserve has been dwindling due to the increased outflows, with the current supply on exchanges standing at a record low of 2.687 million. This trend further supports the ongoing whale accumulation trend.
A recent report from IntoTheBlock further reinforces this pattern, revealing that large investors holding between 1,000 and 10,000 BTC have been capitalizing on the dip brought about by Bitcoin’s recent decline. On the other hand, smaller addresses holding less than 1 BTC have been offloading their tokens, a common behavior during market downturns.
Despite this contrasting behavior, most analysts view it as bullish. The departure of less committed investors from the market provides an opportunity for more determined ones to increase their holdings, potentially paving the way for a market rebound.
Seasoned trader Peter Brandt has already predicted an upcoming rebound, foreseeing a potential price surge that could propel BTC above its recent all-time high. Brandt anticipates a price exceeding $92K. At present, Bitcoin is trading at $56,188, up 3.3% in the last 24 hours.
It is important to note that the information provided in this article is for informational purposes only and should not be interpreted as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for any financial losses incurred.
