As a researcher with extensive experience in analyzing crypto markets, I find it intriguing to observe large Bitcoin whales accumulating $971 million worth of BTC despite the macroeconomic concerns and hawkish stance from Fed officials. According to Santiment’s on-chain data, wallets holding 1k-10k BTC have acquired over 15,000 BTC in the past 24 hours, showcasing confidence in whales despite Bitcoin dropping to $62,000.
In the face of economic uncertainties and the Federal Reserve’s firm monetary policy stance, significant Bitcoin investors bought approximately $971 million worth of Bitcoin within the last 24 hours, even as overall Bitcoin trading activity decreased on various platforms.
With Bitcoin hovering tightly between $61,000 and $64,000 during the last 24 hours, significant whales have taken advantage of this period to increase their holdings. Wallets containing 1,000 to 10,000 Bitcoins collectively acquired approximately $941 million worth of coins, reaching their highest accumulation level in the past two weeks.
— Santiment (@santimentfeed) May 8, 2024
Based on information from the on-chain analysis platform Santiment, it has been observed that wallets containing between 1,000 and 10,000 Bitcoins have acquired approximately 15,000 BTC. This significant purchase indicates confidence among large Bitcoin holders, even as the price of BTC dipped to $62,000. This substantial accumulation by whales plays a crucial role in preserving a bullish outlook for the crypto market.
During her recent remarks, Boston Federal Reserve President Susan Collins indicated a prolonged duration for addressing inflation and proposed a more gradual economic expansion, in contrast to the less stringent views expressed by Federal Reserve Chairman Jerome Powell.
As a crypto investor, I’ve noticed that Bitcoin’s price has been stabilizing around the $62,000 mark lately. This price action can be attributed to profit-taking and long position liquidations. On the other hand, meme tokens like Dogwifhat (WIF) and Pepe Coin (PEPE) have been experiencing significant gains, leading to some uncertainty in market forecasts. With Bitcoin hovering near $62,269, analysts are divided on the potential direction of the market.
The massive $971 million acquisition of Bitcoin by prominent investors, or “whales,” during market slumps demonstrates their unwavering faith in the cryptocurrency, hinting at a promising future for the crypto market despite economic uncertainty and the Federal Reserve’s tough monetary policies.
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2024-05-09 08:36