Bitcoin (BTC) whales have defied recent market volatility and increased their holdings, as reported by crypto analyst Ali Martinez. While many in the crypto space were shaken by the recent price correction that saw Bitcoin dropping below the $40,000 mark, data reveals that these significant players have been actively accumulating more BTC.
While some shivered with fear during the recent price correction, #Bitcoin whales were accumulating more $BTC!
Around 67 new entities now hold 1,000 #BTC or more, marking a 4.50% increase in two weeks. pic.twitter.com/tje3fhznRR
— Ali (@ali_charts) January 30, 2024
Martinez took to X (formerly Twitter) to convey the noteworthy findings, asserting that during the recent price correction, Bitcoin whales were actively increasing their BTC holdings. He mentioned that approximately 67 new entities now possess 1,000 BTC or more, indicating a 4.50% increase in holdings over the course of two weeks.
Investor confidence in BTC
The market correction, which took place last week, sent ripples across the cryptocurrency landscape, with Bitcoin experiencing a temporary dip in its value. However, the leading cryptocurrency has shown resilience, rebounding this week with the current price standing at $43,367. This represents an encouraging 2.96% increase in the last 24 hours, signifying a recovery from the recent downturn.
Remarkably, trading volumes have surged by 51.65% in the last 24 hours, reaching $22.78 billion. This surge in trading activity hints at renewed interest and confidence in the market, despite the recent price fluctuations. According to data from IntoTheBlock, a blockchain analytics platform, 80% of Bitcoin holders are currently in a profitable position at the current price level.
This statistic indicates that the majority of investors have weathered the recent market turbulence and are now in a positive return on investment scenario. Moreover, the resilience shown by Bitcoin whales in accumulating more BTC during a period of uncertainty reflects a notable divergence in sentiment between institutional and retail investors.
While retail traders may have reacted nervously to the recent market correction, institutional players seem to view it as an opportune moment to increase their exposure to the leading cryptocurrency. It remains to be seen whether this accumulation trend among Bitcoin whales will continue in the coming weeks, as the cryptocurrency market is known for its dynamic and unpredictable nature.
