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Bitcoin Price Back at $40,000: Whales Continue to Buy!

  • BTC price dropped to $39,000 earlier this week. However, as the selling pressure continues, Bitcoin whales seem to be buying every dip.
  • Martinez points out a significant development in the crypto landscape, indicating an increase in significant players in the Bitcoin market.
  • Bitcoin ETFs are seeing significant inflows. BlackRock’s iShares Spot Bitcoin Exchange Traded Fund (IBIT) received approximately $42 billion in inflows after its launch.

Bitcoin price is showing signs of recovery back to $40,000, and the buying trend of whales is catching attention!

Bitcoin Price is Bouncing Back

Bitcoin-BTC

Since the approval of the spot Bitcoin ETF earlier this month, Bitcoin price faced a 20% drop, encountering selling pressure. Consequently, the BTC price dropped to $39,000 earlier this week. However, as the selling pressure continues, Bitcoin whales seem to be buying every dip.

During the ongoing market correction, renowned crypto analyst Ali Martinez reported a surprising trend among Bitcoin whales, showing no signs of slowing down. Instead, they are accumulating more BTC despite the current market volatility.

Martinez, pointing out a noteworthy development in the crypto landscape, indicated an increase in significant players in the Bitcoin market. According to Martinez’s analysis, there are 46 new asset holders, each currently holding 1,000 BTC or more.

This represents a significant 3% increase in the number of holders with substantial Bitcoin assets in just two weeks. Martinez’s insights provide valuable observations on the resistance and strategic moves of Bitcoin whales during this uncertain market period.

ETFs Are Seeing Significant Inflows

Bitcoin ETFs are seeing significant inflows. BlackRock’s iShares Spot Bitcoin Exchange Traded Fund (IBIT) received approximately $42 billion in inflows after its launch. Rachel Aguirre, the Head of iShares Products at BlackRock in the United States, revealed the notable success achieved shortly after the launch of the IBIT ETF in an interview.

Since it started trading in the first two weeks, the IBIT ETF has experienced a substantial increase in trading volume, reaching $3 billion, emphasizing its rapid and impactful presence in the market. Strong inflows indicate the growing interest among investors in crypto-related investment products. Therefore, the ETF launch could be a cornerstone for a long-term BTC price rally.

Renowned crypto analyst Ali Martinez delved into historical data from past Bitcoin bull runs, especially those from 2015-2018 and 2018-2022 periods. Martinez’s analysis, if the current market trajectory replicates these past patterns, suggests projections that the next market peak for Bitcoin could occur around October 2025. According to Martinez’s analysis, this interesting prediction implies a potential 600-day bullish trend ahead for BTC.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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