Bitcoin Whales Bought $1.2B BTC Amid the Price Dip, Fueling the Quick Rebound

According to IntoTheBlock’s blockchain analysis, approximately 19,760 Bitcoin worth over $1.2 billion were added to the wallets of Bitcoin owners holding at least 0.1% of the total supply on Friday. The average price for these transactions was around $62,500.

Major investors, commonly referred to as “whales” in cryptocurrency circles, hold substantial quantities of digital assets. Known for their intelligence and market savvy, their decisions to buy or sell can significantly influence prices. Consequently, cryptocurrency observers closely monitor these players’ actions to predict market trends.

“According to IntoTheBlock’s recent post, Bitcoin large investors, or ‘whales,’ might be purchasing the current price drop. Preceding increases in Bitcoin’s value have typically followed such accumulation by these specific addresses.”

Lately, whales’ actions have shown a notable difference from just a few days ago, when major investors hesitated to buy during signs of instability, raising concerns about potential additional drops.

Bitcoin’s price surge above $65,000 following overnight dips to $59,600 could be attributed to increased buying activity, as reported by Israel’s airstrikes in Iran. According to renowned crypto trader Skew, this recovery was significantly influenced by active spot Bitcoin buyers. Currently, Bitcoin is valued at approximately $64,000, representing a 1% increase over the previous 24 hours.

Read more: Bitcoin Price Bounces as Halving Nears

Looking at the bigger picture, the cryptocurrency with the largest market value has been stabilizing after experiencing significant price increases in the previous month. This comes before its scheduled halving on April 20 (UTC), during which the rewards for miners will be reduced by half. Consequently, the production of new tokens entering circulation will decrease.

The price dipped down to around $60,000 for the third time in a week due to sell-offs. This level has become a strong point of resistance for buyers, who seize opportunities to purchase at reduced costs.

In a recent report, Coinbase institutional research analyst David Han stated that some sellers have been reducing their positions around the edges, giving an impression of risk reduction. At the same time, there have been deliberate purchases between $60,000 and $62,000. This ambiguity in trends aligns with our belief that bitcoin serves dual roles as a risky asset and a safe haven.