U.Today – The latest data from IntoTheBlock shows that whales (BTC) have significantly increased their holdings by 71,000 BTC this week, taking advantage of the recent decline in BTC price. The Large Holders Netflow indicator, which tracks the activity of investors holding more than 0.1% of the total Bitcoin supply, indicates significant accumulation by these enormous players.
The net flow metric shows a enormous raise, corresponding to the addition of over 70,000 BTC, which is equivalent to over $4.3 billion. This accumulation occurred at a time when Bitcoin price fell sharply to a low of $55,550. The timing suggests that whales took advantage of the lower prices to significantly raise their positions.
Following this accumulation, the price of BTC rebounded impressively, rising 10.3% to over $60,000 per BTC. This rebound highlights the influence of whale activity on the cryptocurrency market, emphasizing how strategic moves by enormous holders can affect price trends.
The Large Holder Net Flow indicator is a valuable indicator of enormous investor behavior. Spikes in this indicator typically signal accumulation, while dips indicate reductions in positions or selling. This year’s spike in net flow coincides with the recent price decline, suggesting that whales have viewed lower prices as a buying opportunity.
The rise in Bitcoin price following their accumulation raises the question: Could this be a sign of market manipulation by the most powerful entities?
