Key Points
- Bitcoin’s trading volume has increased by 37.72% while its price has risen by 1.48% in the past 24 hours.
- Three whales have accumulated 2814 BTC, worth $157.3 million, during the recent market dip.
Bitcoin has seen a significant increase in trading volume, up by 37.72%, as its price rose by 1.48% within a 24-hour period.
The largest cryptocurrency, Bitcoin, had been struggling amidst market volatility, experiencing a 9.14% drop over the past 30 days.
Whale Accumulation Amidst Market Dip
The recent dip in the crypto market has provided an opportunity for large holders, or ‘whales’, to buy Bitcoin at lower prices. Lookonchain has reported increased whale activity during this period.
According to their report, three whales have accumulated a total of 2814 Bitcoins, valued at $157.3 million, since September 1, 2024.
This buying activity during a market downturn indicates confidence in the long-term prospects of the asset.
Market Indicators and Predictions
Supporting Lookonchain’s observations, the Fund flow ratio as reported by Cryptoquant has decreased from 0.08 to 0.04, suggesting that whales are accumulating assets off exchanges.
Short-position liquidation has also increased to $38.5 million over the past three days, while long-position liquidation has decreased to $7.3 million.
This suggests that the market is on an upward trend, with those betting on a downturn being forced out of their positions.
Bitcoin’s Net realized profit and loss has reduced from -297.2 million to -68.3 million, indicating that more buyers are entering the market.
Based on these market indicators and the increased buying activity from whales, it is predicted that Bitcoin is well-positioned for further gains.
