• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: SEC Strikes: Seeks Temporary Restraining Order To Freeze Binance.US Assets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: SEC Strikes: Seeks Temporary Restraining Order To Freeze Binance.US Assets

Bitcoin Whales Accumulate $108M Worth of BTC as Price Dips

Yashu Gola by Yashu Gola
3 years ago
in Bitcoin
0
  • Bitcoin whales have started accumulating more tokens after the cryptocurrency’s price dipped below $9,500, according to data aggregator Santiment.
  • Historical data shows that affluent crypto holders are trading bitcoin short-term to extract maximum profits.
  • It suggests an interim price recovery could be underway but warns about a broader downtrend ahead.

Ever since Bitcoin broke bearish below $9,500 on May 20, its demand among affluent crypto holders has surged modestly.

Cryptocurrency analysis portal Santiment released data that evidenced an increase in bitcoin accumulation in wallets holding more than 100 BTC. The data aggregators noted that “whales” added another 12,000 BTC to their bags, which is equivalent to about $108 million at the current exchange rates.

bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto
Bitcoin whales have been accumulating more tokens since late April 2020 | Source: Santiment

Whales, in general, represent entities with cryptocurrency holdings worth more than $1 billion. Observers often turn to check their bitcoin wallet balances to gauge the market’s short-term sentiment. That said, if the number of bitcoin held in a whale’s wallet is rising, then it signals an uptrend at a later stage. But if the quantity falls, then it indicates a bear market.

The Whale Psychology

Santiment noted that big Bitcoin holders had been lately showing characteristics of day traders. Their addresses show “a propensity to accumulate into dips and offload their bags slightly before short-term tops occur.”

The behavior was visible after “Black Thursday” – the March 12 event that witnessed the price of Bitcoin crashing from $7,969 to $4,346 amid a global market rout. As the price eventually settled a yearly low near $3,800, the significant downside move served an opportunity for whales to buy bitcoin at cheaper rates.

As a result, the balances in their BTC wallets spiked by $500 million. The surge followed a systematic and careful downtrend as the bitcoin price recovered higher. That showed whales holding more than 100 BTC sold a portion of their stash whenever price hit a local high.

bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto
BTCUSD recovery capped by a long-term resistance trendline now coinciding with $10,000 | Source: TradingView.com, Coinbase

The balances started rising alongside price ahead of Bitcoin’s third “halving” on May 11. They plunged once again after price tested $10,000 as its resistance but failed to close above it. It showed whales’ unwillingness to increase their risk exposure above the said level.

But a dip below $9,500 triggered their accumulation sentiment.

Bitcoin Recovery

A $108 million buy order is not large enough to flip Bitcoin’s bearish sentiment. But it shows whales are taking calculative risks to maximize their cash-based profits, especially amidst a worsening global financial crisis.

The sentiment could push the bitcoin price higher in the short-term but lacks the fuel to support a full-fledged rally as long as demand for cash remains higher. Meanwhile, miners that produce and validate Bitcoin blocks on its blockchain are selling their BTC rewards after halving.

That could further add to the prevailing downside correction sentiment.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

2 hours ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

21 hours ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

1 week ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

1 week ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

1 week ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    6 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    6 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    6 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Top Cryptos to buy today: TOADS, ADA, RNDR, SOL

    48 mins ago
  • Is PEPE’s hype over? A look at the Next 5 Big...

    55 mins ago
  • 3 Top DeFi Cryptocurrencies for June 2023: Solana, Cardano...

    5 hours ago
  • TMS Network (TMSN) Illuminates The Crypto Scene, Outshining...

    5 hours ago
  • TMS Network (TMSN) Shines as Investors Shun Binance Coin...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.