From 2021 highs at $65,000, Bitcoin has fallen to as low as below $40,000 level. Currently, Bitcoin is trading at $39,867 with a drop of 1.17% over the last 24hrs. After the recent decline to $36,000, Bitcoin did bounce back to over $47,000 before sliding again to the current price. The possible economic recession and a hawkish Federal Reserve have raised concerns.
However, the token’s relatively lower valuation is gaining attention towards buying the dip by long-term traders with large holdings. This could be a prime time for Bitcoin to rally.
Bitcoin’s Whale Trading Continues
Santiment, a Blockchain analytics firm, data reveals that Bitcoin was seeing a stable number of whale transactions that stands around 4000 transactions above $1 million on weekdays, even though Bitcoin’s price is declining. This indicates that the Bitcoin market’s large players were still active.
Factually speaking, these increased whale transactions indicates two important events like price top and price bottom. In the present scenario, the increased whale activity might be indicating that Bitcoin has found a bottom around $40,000 and BTC gain is on the verge to see more gains.
Whale Enter Accumulation Zone
This increased whale transaction is just not limited to Bitcoin during this bear market. Dogecoin killer and a popular meme currency Shiba Inu (SHIB) also witnessed huge amounts of whale buying in recent times which has helped the recent Shiba Inu price surge by more than 20%.
Meanwhile, Cardano (ADA), a Proof-of-stake token, also saw two-year high whale transactions as the token declined.
According to recent data, the information reveals that short-term holders could be behind the recent decreased Bitcoin price. It is important to know that Whales, who usually seem to be long-term holders of the token, are the one who either holds on to the token or buys more of it.