Bitcoin whales increase holdings by 71,000 BTC, leading to 10.3% price rebound

From Investing.com

July 14, 2024 12:00:20 pm:

Bitcoin whales have increased their holdings by 71,000 BTC this week, taking advantage of the dip in price. Large Holders Netflow metric shows significant accumulation by investors holding more than 0.1% of total Bitcoin supply.

This accumulation added over 70,000 BTC, valued at more than $4.3 billion, during a sharp price drop to $55,550. Whales strategically used the opportunity to boost their positions, leading to a 10.3% price rebound to over $60,000 per BTC.

Whale activity influences cryptocurrency market trends, with the netflow metric signaling accumulation or selling behavior. The recent spike in netflow during a price drop indicates whales capitalized on lower prices to increase their holdings, leading to a market price rebound.

The correlation between whale accumulation and Bitcoin price rebound raises concerns about market manipulation by powerful entities. The impact of large investors on market movements underscores the need for monitoring and transparency in the cryptocurrency space.

Read more at Investing.com: Bitcoin Whales Unleash Crazy $4.26 Billion Shopping Spree By U.Today