As the Bitcoin price continues to trade under selling pressure, calls for sub $50,000 BTC levels have been growing in the market. However, this hasn’t stopped Bitcoin whales from continuing to accumulate BTC at every price drop. Interestingly, the whales show some confidence ahead of the US jobs data release on Friday.
Bitcoin Whales Accumulating On Every Dip
As per the current data from Spot On Chain, a newly identified BTC whale has withdrawn a total of 1,145 BTC, worth a total of $65.1 million, from crypto exchange Binance in the past four days. The data shows that the Bitcoin whale has been buying at every price dip while accumulating Bitcoins through seven separate transactions for an average price of $56,841 per BTC. Thus, the whale seems to making the most of the current BTC price drop.
A new whale has withdrawn 1,145 $BTC ($65.1M) from #Binance over the past 4 days.
The whale seems to be accumulating #Bitcoin whenever the price drops, totaling 1,145 $BTC via 7 transactions at an average price of $56,841 ($65.1M).
Will the whale keep accumulating or dump $BTC… pic.twitter.com/CaNzbW1E9Y
— Spot On Chain (@spotonchain) September 6, 2024
While small traders have been losing patience and offloading their BTC at price dips, big whales have been actively accumulating during this period. As per crypto analytics platform Santiment, Bitcoin whales have accumulated over $7.8 billion worth of BTC over the last month even when the BTC price slipped under $50,000 levels in early August. Earlier this week, Santiment wrote:
“Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them.”
Interestingly, this accumulation by Bitcoin whales happens as the market is looking ahead to the release of Nonfarm Payroll (NFP) data in the US. The upcoming US Fed rate cut decision would largely depend on these NFP numbers as the US employment numbers drop to 2021 lows. Despite the Fed rate cut optimism, the possibility of US recession hasn’t been averted entirely as of now.
Along with Bitcoin whales, the Bitcoin miners have also been stacking their BTC with Riot Platforms announcing a key milestone of HODLing over 10,000 Bitcoins.
Riot Produces 322 #Bitcoin in August 2024 and Exceeds 10,000 Bitcoin Held.
“In August, Riot produced 322 Bitcoin and continued to exercise our unique power strategy, ensuring that we optimized our energy costs while making more power available to the grid during periods of peak…
— Riot Platforms, Inc. (@RiotPlatforms) September 5, 2024
Bitcoin Sub $50,000 Calls On the Rise Befoe US Jobs Data Release
As the Bitcoin price flirts around $56,700 levels currently, calls for an additional 12-15% correction are on the rise recently. In a message on the X platform, BitMEX CEO Arthur Hayes recently wrote: “BTC I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen”.
Another veteran trader Peter Brand has predicted the BTC price dip to $46,000 pointing out an “inverted expanding triangle” or “megaphone” formation on the charts.
It will be interesting to see whether the continuous accumulation of Bitcoin Whales can avert this exodus prediction.
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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