Yuri Molchan
A recent analyst report revealed that Bitcoin whales are buying on the dips.
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According to a recent tweet by crypto analyst and trader Ali Martinez, large Bitcoin holders, known in the crypto community as “whales,” have decided to take advantage of the current BTC decline.
In the past 24 hours, the world's leading cryptocurrency has fallen by 4.20%, dropping from $69,920 to $66,980, but has since rebounded to a 1.70% gain. At the time of writing, digital gold is trading at $68,180 on the Bitstamp exchange.
When Bitcoin dipped below $67,000, whales bought up the lows, snapping up as much as 20,000 BTC, giving the leading digital currency a staggering fiat value of $1.34 billion.
The sharp drop in bitcoin prices coincided with the Securities and Exchange Commission's approval of ethereum spot ETFs on Thursday. These ethereum exchange-traded funds come six months after the spot bitcoin ETF, which was given the green light by regulators in January.
However, experts believe that demand for a physical Ethereum ETF is not as strong as that for a Bitcoin exchange-traded product.
About the Author
Yuri Molchan
Yuri is interested in technology and innovation. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to change the world in many ways in the future. He has contributed articles to multiple crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, and Max Keiser.
