Major investors in the cryptocurrency market, known as whales, are increasing their stake in Bitcoin despite some institutional investors withdrawing from the asset. On-chain data shows that three large whales have accumulated approximately $157 million worth of Bitcoin since September 1. This indicates strong belief in the long-term value of the cryptocurrency. Bitcoin's current price is following a descending triangle pattern, which is often seen as bearish but could also indicate consolidation before a breakout. The continued accumulation by whales suggests that Bitcoin may soon reverse the negative trend and start rising again. Institutional investors, while pulling back slightly, still view the decline as an opportunity rather than a reason to sell. The market is stabilizing, and increased liquidity and volatility could occur if whale accumulation continues and a breakout from the descending triangle pattern happens.
- Content Editor ( u.today )
- 2024-09-09
$150 Million in Bitcoin (BTC) in 7 Days: What's Happening?