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Bitcoin Whales Absorb 24,000 BTC in Past 24 Hours - What's Happening?

Published 05/25/2024, 12:08 AM
Updated 05/25/2024, 05:15 AM
© Reuters.  Bitcoin Whales Absorb 24,000 BTC in Past 24 Hours - What\'s Happening?

U.Today - According to a recent tweet published 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 dip.

Over the last 24 hours, the world’s flagship cryptocurrency plunged by 4.20%, dropping from $69,920 to the $66,980 price mark. However, a rebound that followed took it back up 1.70%. At the time of this writing, digital gold changes hands at $68,180 on the Bitstamp exchange.

It was while Bitcoin dropped below the $67,000 level that whales decided to buy the dip and scooped up as much as 20,000 BTC. This amount of the leading digital currency is valued at a staggering $1.34 billion in fiat.

Bitcoin price plunge coincided with the approval of the Ethereum spot ETFs issued by the Securities and Exchange Commission on Thursday. These Ethereum exchange-traded funds got approved half a year later after the spot Bitcoin ETFs (they got a green light by the regulator in January).

However, experts believe that the demand on the spot Ethereum ETFs will be not as strong as for the Bitcoin exchange-traded product.

This content was originally published on U.Today

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