- In a significant move, Bitcoin (BTC) whales have made their largest purchase since March, capitalizing on recent price declines.
- Blockchain analytics firm CryptoQuant has reported that whales seized the recent market dip on June 10-11 to make substantial Bitcoin acquisitions.
- Data reveals that over the past two days, whales have added 20,000 BTC to their holdings, a volume not seen since early March during another notable price correction.
A recent dip in Bitcoin prices has prompted whales to make significant purchases, indicating a potential bullish turn for the cryptocurrency market.
Whales Stockpile Bitcoin Amid Market Correction
This week, Bitcoin whales made substantial acquisitions, adding a considerable amount of BTC to their portfolios. According to CryptoQuant, these large-scale traders took advantage of the market correction to enhance their holdings. Historical data shows that similar uptake was observed in early March when whales capitalized on a market downturn to make significant buys.
Market Analysis: Is the Bear Phase Over?
Bitcoin, along with the broader cryptocurrency market, saw a decline following the U.S. non-farm payrolls report which exceeded expectations on Friday. However, the release of lower-than-expected inflation data on June 12 provided some relief to investors. May’s inflation figures in the U.S. came in at an annual rate of 3.3%, marginally below the forecasted 3.4%. This led to a weakening of the Dollar Index (DXY) and a subsequent $1,700 surge in Bitcoin’s price.
Conclusion
Recent actions by Bitcoin whales, coupled with a positive turn in U.S. inflation data, suggest that the cryptocurrency market may be on the cusp of a bullish phase. Investors will be watching closely to see if this accumulation trend continues and how it will impact Bitcoin’s price in the longer term.
