CandleFocus Crypto Whales Continue to Buy the Dip, Scooping Up $227 Million in Bitcoin
2024-09-09
Author: Content Editor
Crypto whales have been aggressively purchasing Bitcoin (BTC) in recent market activity, indicating a potential market recovery. One notable transaction involved a crypto whale, 36LMb, who withdrew 999.999 BTC, worth approximately $55.09 million, from Binance. This is part of a larger trend where whales withdrew over 4,014 BTC, valued at more than $227.7 million, in the past week. This buying activity coincided with an 11% drop in Bitcoin's value following outflows from US Bitcoin-exchange traded funds. The recent dip in Bitcoin's price presented an ideal buying opportunity for whales, historically preceding a market recovery. Bitcoin has since rebounded about 4% and is trading near $55,000. In response to the recovery, some investors have closed their short positions on Bitcoin, such as former BitMEX CEO Arthur Hayes, who secured a 3% profit. Economic indicators, such as underwhelming US non-farm payroll data, have also influenced market sentiment and led analysts to expect a Federal Reserve rate cut in September.
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