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Cryptocurrency News Articles
Ethereum and Bitcoin Whales Embark On Buying Spree Amid Price Dips - Market Recovery Underway?
May 10, 2024 at 02:17 am
Crypto Market Correction Spurs Massive Whale Accumulation, Signaling Potential Rally
The cryptocurrency market has experienced a notable correction in recent days, with Bitcoin (BTC) and Ethereum (ETH) slipping below crucial support levels. This price dip has triggered a significant surge in whale activity, indicating a potential rally on the horizon.
Whales Accumulate Billions Amidst Price Declines
With every dip in Bitcoin and Ethereum prices, whales—large investors holding substantial amounts of crypto—have been accumulating more tokens. In the past 24 hours alone, top Bitcoin investors have purchased over $1 billion worth of BTC, a clear indication of their confidence in the asset's long-term potential.
Similarly, a prominent Ethereum whale has acquired over $32 million in ETH within seven days, underscoring the growing appetite for the second-largest cryptocurrency by market capitalization.
Data Shows Surge in Whale Activity
Data from Santiment, an on-chain market intelligence platform, reveals a remarkable spike in whale activity for Bitcoin. Investors' wallets holding 1,000 to 10,000 BTC tokens have accumulated $941 million in Bitcoin in the past day, representing a return to their highest Bitcoin-holding level in the past 14 days.
On-chain data provider Lookonchain has also identified significant whale activity involving Ethereum. A top investor recently withdrew 6,030 ETH (approximately $18.09 million) from Binance, following a consistent accumulation pattern from the exchange since the start of May.
Whale Transactions Suggest Further Accumulation
The whale who withdrew ETH from Binance has engaged in several transactions, including converting acquired ETH coins to staked Ethereum (stETH) and depositing it at Aave, a DeFi lending platform. The investor has also borrowed $28.5 million in stablecoins from Aave to purchase more Ether.
These transactions suggest that the whale's accumulation strategy is ongoing and that they anticipate further price appreciation in the near future.
Crypto Market Outlook: Rally in Sight?
The massive accumulation of Bitcoin and Ethereum by whales could be a strong indication that an upcoming rally is underway. Crypto investors often seize opportunities to buy the dips, anticipating a bullish reversal and substantial profits.
Moreover, prominent crypto personalities have made bold predictions amidst the current market downturn. Ji Young Ki, CEO of CryptoQuant, recently stated that Bitcoin's strong fundamentals could support a threefold increase in its market capitalization, potentially pushing its price to $265,000.
Current Market Snapshot
As of 06:06 AM EST on May 9, Bitcoin trades at $61,163, representing a 1.91% drop over the past 24 hours. Its market capitalization remains above $1.20 trillion, and its dominance over altcoins stands at 53.18%.
Ethereum's price hovers around $2,976, reflecting a slight decrease of 0.84% in the past day.
Conclusion
The recent correction in the crypto market has presented a compelling opportunity for whales to accumulate more tokens. This surge in whale activity signals a potential rally, as large investors typically buy the dips in anticipation of future price appreciation. With Bitcoin and Ethereum prices currently below crucial support levels, now could be an ideal time to consider adding these digital assets to your portfolio.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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