Recent fluctuations in Bitcoin price have created a “buy the dip” opportunity for whales (large investors). Over the past 24 hours, whales have accumulated a significant amount of Bitcoin, 47,000 BTC (approximately $2.8 billion). This marks the “beginning of a new era” for Bitcoin, according to CryptoQuant CEO Ki Young Ju.
Whales’ increasing confidence and purchasing strategies
Whales’ accumulation of BTC shows growing confidence in the future of Bitcoin among institutional investors and high-net-worth individuals. CryptoQuant founder Ju explains that these accumulations mostly occurred in “custodial” wallets that include ETFs, but the recent increase is not directly related to ETFs. To learn more about the purchasing strategies of whales, it is necessary to pay attention to two important points:
- Long-term whales: A week ago, long-term Bitcoin whales appear to have experienced a significant increase in their actual profits, with the price remaining above $60,000. Even though these whales increased their profits, they did not sell their positions, which shows their long-term attitude and belief in Bitcoin.
- Big whale investment: According to breaking news, “Mr. A whale known as 100” purchased more than 4,100 BTC of Bitcoin at $58,000 on May 2. This is the whale’s first Bitcoin purchase since April 19 and is interpreted as an important signal before the 2024 Bitcoin halving.
Big investment in BlackRock Spot Bitcoin ETFs
Hong Kong-based investment consultancy Yong Rong HK Asset Management became the largest investor by investing $38 million in IBIT, BlackRock’s spot Bitcoin exchange-traded fund (ETF). This investment was a remarkable move, enabling Yong Rong to acquire more than 12% of the reported assets in IBIT. Commenting on this investment, Bloomberg analyst Eric Balchunas explains the Hong Kong-based company’s focus on US-based ETFs, rather than spot Bitcoin ETFs in its own country, on the grounds of “cheaper and higher volume”.
The interest of whales and institutional investors in Bitcoin can significantly affect the price and overall market perception of the cryptocurrency. Recent developments show that belief in Bitcoin’s long-term potential and its adoption by institutional investors are increasing. It is important to remember that the Bitcoin price may still be volatile and it is important to do detailed research before investing. Investments of whales and institutional investors do not always guarantee profits. It is important for investors to do their own research, evaluate the risks and determine their investment strategies accordingly.
cryptokoin.com As we have reported, recent whale movements and major investment from BlackRock show that interest and adoption in Bitcoin is increasing. This can be interpreted as a hopeful sign about Bitcoin’s long-term potential. However, it is important for investors to do their own research and evaluate the risks before making any investment decisions.
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