Bitcoin Whales Absorb 24,000 BTC in Past 24 Hours - What's Happening?

A recent tweet by crypto analyst and trader Ali Martinez reveals that large Bitcoin holders, known as whales in the crypto community, have taken advantage of the current BTC dip. In the past 24 hours, Bitcoin, the leading cryptocurrency, saw a 4.20% decline, dropping from $69,920 to $66,980. However, it rebounded by 1.70%, bringing its value to $68,180 on the Bitstamp exchange at the time of writing.

When Bitcoin fell below $67,000, these whales bought approximately 20,000 BTC, an amount valued at $1.34 billion. This Bitcoin price drop coincided with the approval of Ethereum spot ETFs by the Securities and Exchange Commission on Thursday, six months after the approval of Bitcoin spot ETFs in January. Despite this, experts predict that demand for Ethereum spot ETFs will not be as high as for the Bitcoin ETFs. $BTC $ETH