- Bitcoin pushes back to the USD $70K milestone on the back of massive trading day.
- Traders with high BTC holdings (USD $700K+) were largely responsible for the resurgence.
- Whales within that demographic purchased nearly 0.27% of BTC’s available supply within a single day of trading
Is the dip over?
This is the question on everybody’s minds as Bitcoin pushed past a week of uncertainty to reclaim its place at USD $70K (AUD $107K).
Related: Analyst Declares Altcoin-Buying Season, Cites Undervaluation
After falling as low as USD $61.3K (AUD $94K) last week, BTC once again made a mockery of non-believers by surging 4% in the past 24 hours to sit just a few thousand below its previous all-time high. With the Bitcoin halving just around the corner, some believe the time to buy at a discount has come and gone, while others are not so sure.
#Bitcoin continuing the pace.
Dips are there to be bought.#Bitcoin down 15-40% -> allocate funds.#Altcoins down 25-50% -> allocate funds.
If $68K continues to hold, we’ll sweep the highs at the all-time high pre-halving. Still expecting a peak to be happening. pic.twitter.com/Ubw1Q3HHXC
— Michaël van de Poppe (@CryptoMichNL) March 25, 2024
0.263% of Available Supply Purchased in a Single Day of Trading
It’s unclear exactly what went down last night. Perhaps there was a hot sale at the undersea krill store. Or maybe Leviathan returned to the seas, causing creatures to secure their long-term savings. Whatever the case, whale activity exploded out of nowhere over the weekend.
According to data analysts Santiment, nearly 52K BTC (worth approximately $300M USD) was purchased by wallets that already hold 10-10K BTC. This wasn’t just a rush of all traders buying back into Bitcoin – it was those that already have pretty handsome holdings.
To put this in context, 52K BTC is nearly 0.27% of the current available supply. And it was all purchased within one day, by one specific demographic.
Although the exact reason behind this surge in buying is unknown, Santiment speculates it’s BTC believers picking up more before the impending halving permanently affects supply. Interestingly, the analysts note that this mass accumulation may be negative for the short-term prospects of altcoins.
Related: Iceland to Slow Down Bitcoin Mining as Electricity Demand Surpasses Household Use
Most of the Bitcoin was purchased with stablecoins, which are typically used to buy into a specific coin at any given time. If whales are giving up access to stablecoins, it means they are more likely to bunker down in BTC than pump money into altcoins.
How the market responds from here will be a fascinating watch.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
GE XWFE Refrigerator Water Filter, Genuine Replacement Filter, Certified to Reduce Lead, Sulfur, and 50+ Other Impurities, Replace Every 6 Months for Best Results, Pack of 1
$49.78 (as of February 6, 2025 20:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
EF ECOFLOW Portable Power Station DELTA 2, 1024Wh LiFePO4 (LFP) Battery, 1800W AC/100W USB-C Output, Solar Generator(Solar Panel Optional) for Home Backup Power, Camping & RVs
$699.00 (as of February 5, 2025 19:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Owala FreeSip Insulated Stainless Steel Water Bottle with Straw for Sports, Travel, and School BPA-Free Sports Water Bottle, 24 oz, Very, Very Dark
$27.99 (as of February 6, 2025 20:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Greenies Natural Dental Care Dog Treats Teenie Size, 36 oz. Variety Pack, 3 Flavors (129 Count)
$39.98 (as of February 6, 2025 19:27 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
