Bitcoin’s price has been volatile in recent days, and today the cryptocurrency market is experiencing a downward trend. Bitcoin, the largest cryptocurrency in the world, has dropped significantly to $60,650, marking its lowest point in recent times.
Despite the price drop, Bitcoin whales, referring to large holders of the cryptocurrency, are taking advantage of this opportunity to accumulate more tokens in their portfolios. In fact, according to analysis from the Santiment platform on May 8, Bitcoin whales have reached their highest level of retention in two weeks. Wallets holding between 1,000 and 10,000 bitcoins collectively accumulated around $941 million worth of coins in the last 24 hours.
The Santiment platform stated, “As Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K $BTC have accumulated ~$941M value of coins, rebounding to their highest holding level in 2 weeks.”
However, analysts from the IntoTheBlock platform have noted that these whale movements may indicate a weakening of their convictions. While whales have been accumulating tokens during recent dips and seeing prices increase shortly after, each accumulation spike appears to be smaller than the previous one. This could suggest that whales have less appetite to buy the dip.
At the time of publication, the price of Bitcoin was quoted at $60,990.48, showing a 2.1% decrease in the last 24 hours.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
In other news, Bitcoin has reached a new network milestone by processing one billion transactions, and an expert has shared a prediction for Bitcoin’s price between 2024-2032.