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Bitcoin Whales Have Been Buying Every Dip, BTC Price Recovers to $40,000

Ever since the approval of the spot Bitcoin ETF earlier this month, the Bitcoin price has faced selling pressure dropping 20% since then. As a result, the BTC price tanked all the way to $39,000 earlier this week. However, as the selling pressure continues, the Bitcoin whales have been buying every dip.

Bitcoin Whales Buy The Dip

Amidst the ongoing market correction, renowned crypto analyst Ali Martinez has reported a surprising trend among Bitcoin whales who show no signs of slowing down. Instead, they are actively accumulating more BTC despite the current market volatility.

Martinez highlights a noteworthy development in the cryptocurrency landscape, indicating a surge in major players within the Bitcoin market. According to Martinez’s analysis, 46 new entities have entered the scene, now holding 1,000 BTC or more each. This represents a significant 3% increase in the number of entities with substantial Bitcoin holdings in just a span of two weeks.

Courtesy: Ali Martinez

Martinez’s insights provide valuable observations on the resilience and strategic moves of Bitcoin whales during this period of market uncertainty.

ETFs See Massive Inflows

The Bitcoin ETFs have witnessed massive inflows. The BlackRock iShares spot Bitcoin exchange-traded fund (IBIT) has witnessed nearly 42 billion in inflows after its launch. Rachel Aguirre, the Head of iShares Products for BlackRock in the United States, revealed in an interview with Yahoo Finance the notable success achieved by the IBIT ETF shortly after its debut.

Within the first two weeks of trading, the IBIT ETF saw a substantial surge in trading volume, reaching $3 billion, underscoring its rapid and impactful presence in the market. The strong inflows show a growing appetite among investors for crypto-related investment products. Thus, the ETF launch could provide a foundational stone for the long-term BTC price rally.

Renowned crypto analyst Ali Martinez has delved into historical data, drawing parallels between previous Bitcoin bull runs, specifically those from 2015-2018 and 2018-2022. Martinez’s analysis indicates that if the current market trajectory mirrors these past patterns from their respective market bottoms, projections suggest the next market peak for Bitcoin could occur around October 2025.

Courtesy: Ali Martinez

The intriguing prediction implies that BTC may still have approximately 600 days of bullish momentum ahead, according to Martinez’s analysis.

The post Bitcoin Whales Have Been Buying Every Dip, BTC Price Recovers to $40,000 appeared first on CoinGape.

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