**Bitcoin Whales Snatch Up Over $1.6 Billion in BTC Amid Market Dip**
In a remarkable accumulation event, Bitcoin whales have amassed more than $1.6 billion worth of BTC tokens over just 48 hours, seizing the opportunity presented by the current market downturn. Market analyst Ali Martinez highlighted this trend in a recent post on X, referencing insights from the analytical platform Santiment. According to Martinez, these whale addresses have collectively acquired 30,000 BTC, amounting to a staggering $1.62 billion during this period.
The market observer also pointed out a significant increase in Bitcoin’s exchange outflows, a trend supported by data from CryptoQuant. Earlier last month, exchange outflows surged to 131,907 BTC, marking the highest level since March 1.
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*Bitcoin Exchange Outflow | CryptoQuant*
However, as July progressed, these outflows experienced a sharp decline, extending into August. Yet, amidst the ongoing market downturn, a notable recovery took place. On August 5, exchanges recorded an impressive outflow of 89,378 BTC as Bitcoin’s price dipped to $54,000. To date, total exchange outflows have reached 33,788 BTC.
Furthermore, the Bitcoin exchange reserves have continued to dwindle in response to the increased outflows. Currently, the amount of Bitcoin held on exchanges has fallen to 2.687 million, the lowest it has been in years. This decline underscores the ongoing trend of whale accumulation.
*Bitcoin Exchange Reserve | CryptoQuant*
**Whale Accumulation vs. Smaller Investor Sell-Offs**
Interestingly, a recent report from IntoTheBlock reinforces this trend. The on-chain analytics platform noted that larger investors, holding between 1,000 and 10,000 BTC, have been actively buying during Bitcoin’s recent decline. This group has steadily increased their holdings since August 1, now possessing 4.79 million BTC. In contrast, smaller investors with less than 1 BTC have been selling off their holdings. This juxtaposition in investor behavior is common during market downturns.
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Despite the contrasting actions of these investor groups, many analysts view this as a bullish sign. The prevailing pattern indicates that less committed investors are exiting the market, allowing more dedicated participants to accumulate assets. With the more resolute HODLers taking the lead, there is potential for a bullish resurgence.
Veteran trader Peter Brandt has already forecasted an impending rebound. According to a prior report from The Crypto Basic, Brandt anticipates a “pump” that could elevate BTC beyond its recent all-time high, projecting a price surge above $92,000. Currently, Bitcoin is trading at $56,188, reflecting a 3.3% increase over the last 24 hours.
**Disclaimer:** This article is intended for informational purposes only and should not be construed as financial advice. The opinions expressed herein are those of the author and do not necessarily represent the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic disclaims any responsibility for financial losses incurred.
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