Bitcoin Drops to $65,000, Creating Accumulation Opportunities for Whales

Bitcoin’s value recently dipped to $65,000, yet it shows signs of recovery, bringing a green wave across the crypto market. Although Bitcoin’s price has declined over the past few days, major investors—often referred to as whales—have continued to accumulate BTC. Wallets holding 10 or more BTC are now at their highest level in two years.

Data from the blockchain analytics firm Santiment indicates that these wallets have amassed an additional 10 BTC collectively, reaching the same holdings they had in June 2022, which is about 16.16 million BTC or 82% of the cryptocurrency’s supply.

The firm also highlighted that Bitcoin’s market value has increased by more than 220% since these whales held such a substantial amount of BTC. Two years ago, this accounted for nearly 85% of the crypto’s supply.

This upward trend suggests sustained confidence in Bitcoin’s long-term potential, despite price fluctuations and regulatory challenges. It may also indicate underlying strength in the market, potentially bolstering overall sentiment.

🐳 Wallets holding 10 or more Bitcoin have collectively just matched their same level of holdings from exactly 2 years ago. Much has changed since then, including a rise in Bitcoin’s market value by +226%.

Many believe that FTX was successfully suppressing cryptocurrency prices… pic.twitter.com/O90gxrKy8N

— Santiment (@santimentfeed) June 17, 2024

However, some argue that monitoring Bitcoin whales might be “useless” for crypto traders, as whale movements can be easily misinterpreted and are not always a reliable indicator of market trends.

Analysts have cautioned against using whale data as a reliable market insight, noting that the information can often be incomplete or require additional context.

Whale accumulation has occurred as cryptocurrency prices began to decline from their recent highs, with BTC failing to maintain above $70,000 and dropping to around $65,000 at the time of writing.

Notably, Binance CEO Richard Teng recently expressed his belief that the leading cryptocurrency will surpass the $80,000 mark by the end of 2024. His outlook for 2025 is even more optimistic, as he expects macroeconomic conditions to improve, creating a more favorable environment for the entire cryptocurrency industry.