Bitcoin Whales Take Every Drop, BTC Price Rises to $40,000
Since the approval of the Spot Bitcoin ETF earlier this month, Bitcoin has faced selling pressure, with its price falling by 20% since then. As a result, BTC price rose as high as $39,000 earlier this week. But as the selling pressure continues, Bitcoin whales are buying every dip.
Bitcoin Whales Are Buying the Dip
Amid the ongoing market correction, renowned crypto analyst Ali Martinez reported a surprising trend among Bitcoin whales that shows no signs of slowing down. Instead, they are actively accumulating more BTC despite the current market volatility.
Martinez highlights a notable development in the cryptocurrency world, pointing to an increase in the number of major players in the Bitcoin market. According to Martinez’s analysis, 46 new assets have now emerged on the scene, each holding 1,000 BTC or more. This represents a significant 3% increase in the number of organizations with significant Bitcoin holdings in just two weeks.
Kindness: Ali Martínez
Martinez’s insights provide valuable observations on the resilience and strategic moves of Bitcoin whales during this time of market uncertainty.
ETFs See Large Inflows
Bitcoin ETFs witnessed massive inflows. BlackRock iShares spot Bitcoin exchange-traded fund (IBIT) witnessed inflows of around $42 billion following its launch. Rachel Aguirre, BlackRock’s Head of iShares Products in the United States, described the remarkable success of the IBIT ETF shortly after its launch in an interview with Yahoo Finance.
In the first two weeks of operation, the IBIT ETF saw a significant increase in trading volume, reaching $3 billion; This underlined its fast and effective presence in the market. Strong inflows indicate a growing appetite among investors for crypto-related investment products. Therefore, the ETF launch could provide the cornerstone for long-term BTC price rise.
Famous crypto analyst Ali Martinez dug into historical data and drew parallels between previous Bitcoin bull runs, specifically between 2015-2018 and 2018-2022. Martinez’s analysis shows that if the current market trajectory mirrors past patterns at respective market bottoms, predictions suggest that the next market top for Bitcoin could occur around October 2025.
Courtesy: Ali Martinez
According to Martinez’s analysis, the intriguing prediction means BTC could still have around 600 days of bullish momentum.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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