Bitcoin Whales Accumulate $4.3B in BTC

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During the market downturn earlier this month, many larger holders of Bitcoin, known as whales, took advantage of the low prices to accumulate a significant amount of the cryptocurrency.

According to a chart from cryptocurrency analytics firm IntoTheBlock, these whales scooped up 71,000 Bitcoin, which is worth $4.3 billion at current prices. This was the fastest rate of Bitcoin stacking since April 2023.

According to data from CryptoQuant, this recent surge in whale activity is the fastest it has been in over two years, with a 30-day moving average showing similar levels to those seen after the collapse of several local banks in the US in April 2023.

Analyst Minkyu Woo added in a separate X post that this trend suggests that the recent dip in Bitcoin prices may be nearing its end.

On the other hand, smaller traders have been selling off their holdings during the market downturn, according to cryptocurrency analytics firm Santiment.