Crypto News

Bitcoin Whales Snap Up $436M In BTC Amid Market Volatility

On June 24th, Bitcoin whales demonstrated their influence by accumulating a staggering $436 million worth of BTC.

According to data from @intotheblock, holders who control at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC in a single day as Bitcoin’s price briefly dipped below $60,000. This significant accumulation highlights the strategic moves of major holders during market fluctuations.

In parallel, the US Government made a notable move by transferring another 3,940 BTC, equivalent to $241 million, to Coinbase Prime approximately nine hours ago.

This follows their previous transfer of 2,000 BTC ($131 million) to Coinbase Prime on April 3, 2024, which did not have an immediate impact on Bitcoin’s spot price. The US Government currently holds around 213,500 BTC, valued at approximately $13 billion.

Bitcoin ETFs Net Inflow Remains Positive 

On Bitcoin ETFs, the net inflow on June 26, 2024, summed up to $21 million. While the net inflow remains positive, it is relatively small. Grayscale’s GBTC saw its first inflow of $4.3 million after experiencing 13 days of outflows. However, BlackRock’s IBIT ETF witnessed stagnant single-day flows for the eighth consecutive day.

These movements underscore the continued interest and strategic positioning in Bitcoin by both institutional investors and government entities. The actions of Bitcoin whales, combined with the ETF inflows, suggest a cautiously optimistic outlook for Bitcoin’s future, even amidst short-term price fluctuations.

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: agphotography/123RF // Image Effects by Colorcinch

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