CandleFocus Bitcoin Whales Continue Accumulation Amid Price Drop Below $70,000
2024-11-04
Author: Content Editor
Despite Bitcoin's price dropping below $70,000, large-scale investors, known as whales, are continuing to accumulate significant amounts of the cryptocurrency. Five major Bitcoin holders have acquired a total of 2,780 BTC worth $192.4 million since November 1. These transactions, primarily conducted through withdrawals from Binance, demonstrate the sustained confidence of institutional investors in Bitcoin despite recent price volatility. The withdrawals indicate a long-term holding strategy and could potentially stabilize Bitcoin's price by reducing supply pressure. The ongoing whale accumulation reinforces Bitcoin's appeal among large investors.
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