Crypto analyst Onchain Lens has identified a whale accumulating large amounts of cbBTC tokens, despite struggles in the general digital asset markets. The whale, associated with Andreas Brekken, withdrew $5 million in USDC from Hyperliquid and used $2 million of it to purchase 21.11 cbBTC tokens. The purchases were set to auto-buy every 36 minutes, with the wallet still holding $3 million USDC to buy more cbBTC. This accumulation comes as cbBTC has seen a 2.3% decline in the last seven days. The token is currently trading at $94,829.30. The acquisition signals that whales and savvy traders are taking advantage of the market dip to purchase more cbBTC tokens. The launch of cbBTC, a tokenized version of Bitcoin on Ethereum and Base blockchains, has provided increased access to DeFi assets for Bitcoin holders. Each cbBTC is supported by the same quantity of Bitcoin, allowing BTC users to participate in DeFi activities without selling their BTC holdings.



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