Ancient Bitcoin whales have awakened with a large volume of transactions, causing short-term impacts on Bitcoin prices.
A whale withdrew 567.3 BTC from the exchange at the time of the lowest Bitcoin price of the day, indicating a buying opportunity at bottom price levels.
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Bitcoin whales holding around 80,000 BTC have awakened after a long period of inactivity.
There are indications that some whales are taking advantage of the price drop to buy large amounts of BTC, reflecting market confidence.
What does the awakening of ancient Bitcoin whales mean and how does it impact Bitcoin prices?
Information from on-chain analyst Yu Jin indicates that the activity of Bitcoin whales holding around 80,000 BTC is considered very important to the cryptocurrency market. When this whale executed a transaction, withdrawing 567.3 BTC from the exchange at a low price, it created temporary downward pressure but also stimulated liquidity and trading.
"The return of ancient Bitcoin whales not only reflects market fluctuations but also signifies a positive indication as it may represent an opportunity to accumulate at the bottom."
Yu Jin, On-chain analysis expert, 5/7/2024
Why do Bitcoin whales choose to buy at low prices?
Whales often take advantage of deep price declines to increase their holdings. The withdrawal of 567.3 BTC at an average price of approximately 107,708 USD indicates a strategy to buy at a potential long-term growth price level. This behavior also aligns with the experience of many large investors who have previously chosen bottom price levels to increase their portfolios, taking advantage of subsequent recovery trends.
"Instances like this are proof that whales are always looking for favorable buying points, laying the foundation for future price increases."
Dr. Linh – ASEAN cryptocurrency research expert, 2024
Comparative analysis of the activities of Bitcoin whales during recent fluctuations
Time BTC Traded Amount Average Price (USD) Market Impact 5/7/2024 567.3 BTC 107,708 Causing short-term price drop, stimulating buying at the bottom 12/5/2024 1,200 BTC 95,000 Driving inflow, preparing for a bull run 20/2/2024 800 BTC 89,500 Accumulating during corrections, increasing liquidity
How do Bitcoin whales affect market sentiment and trends?
Large transactions by whales always attract special attention from the community and investors because they forecast Bitcoin price directions. When whales execute large buy or sell orders, market sentiment can fluctuate sharply, creating a domino effect. Therefore, experts often closely monitor this activity to provide more accurate forecasts.
Frequently Asked Questions
What are Bitcoin whales? Bitcoin whales are wallets that hold a large amount of BTC, ranging from thousands to tens of thousands of coins, significantly influencing market prices and liquidity. Why does whale activity affect Bitcoin prices? Large trades by whales can create sudden supply-demand pressure, causing rapid price fluctuations and affecting investor sentiment. How to know if a whale is buying or selling? Analyzing on-chain data through specialized platforms helps identify large transactions and buying or selling behaviors. Do whales always create buying opportunities? Not all whale transactions are positive, but many times they buy in at lower price levels to help identify important support points. Is on-chain analysis accurate? This is an advanced tool used by experts to assess large wallet behavior, increasing transparency and providing reliable market forecasts.
Source: https://tintucbitcoin.com/ca-voi-rut-5673-btc-day-gia/
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