Crypto News

Bitcoin Whales Buy The Dip As Prices Fall Below $67K

In the past few hours, Bitcoin prices have dropped below the $67,000 mark, sparking a buying frenzy among Bitcoin whales.

According to on-chain data, these large holders have purchased over 20,000 BTC worth approximately $1.34 billion as prices dipped.

A recent report from Glassnode highlights significant insights into the behavior of long-term Bitcoin holders (LTHs). The Bitcoin Long-Term Holder (LTH) Binary Spending Indicator, which profiles and visualizes the intensity of HODLer distribution pressure, shows a notable and sustained decline in LTH supply leading up to Bitcoin’s all-time high (ATH) of $73,000 in March. 

However, in recent weeks, this distribution pressure has significantly eased, providing bulls with more breathing room and less resistance overall.

Bitcoin ETF Net Inflow Remains Positive For The Ninth Consecutive Days

Further reinforcing the bullish sentiment, Bitcoin ETFs have continued to see positive net inflows. As of May 23, 2024, the total net inflow summed up to $108 million.

This marks the ninth consecutive day of positive inflows, although the volume appears to be declining. Notably, BlackRock’s IBIT led the inflows with an $89 million increase, while Grayscale’s GBTC experienced small outflows for the second consecutive day.

The current market conditions indicate a strong buy-the-dip mentality among Bitcoin whales, which could potentially stabilize the price and provide support against further declines. However, traders should remain cautious and keep an eye on long-term holder behavior and ETF inflow trends for further market insights.

In summary, while Bitcoin’s dip below $67K might cause concern for some, the active accumulation by whales and positive ETF inflows suggest a resilient market outlook with potential for recovery.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: wedninth/123RF // Image Effects by Colorcinch

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