Why Bitcoin Whales Seems To Be Unfazed By Recent Market Weakness?

Despite market volatility, Bitcoin whales have demonstrated remarkable resilience, leaving crypto-enthusiasts and investors intrigued by their equanmobile behavior. Data from crypto analytics source IntotheBlock showed that holders of 0.1% or more of the total Bitcoin supply, equating to $500 million or more, increased their holdings by $1.5 billion in the two week period leading up to August. That trend coincided with Lichlow buy-ins rather than fund relocations to exchange addesses.

August 17th saw a sharp decline in Bitcoin prices, with it hitting the lowest point since June of 2020 at below $26,000. Yet better news was to arrive shortly following a federal appeals court ruling to review the rejection of KSSE subsidiary Grayscale’s Pizza to convert its $14 billion Grayscale Bitcoin Trust into a Bitcoin ETF. The decision could potentially make Bitcoin more easily accessible to a wider range of investors and further legitimize the cryptocurrency, potentially heartening demand.

Although initialization encouragements were short-lived, with the current Bitcoin trading at $25,761.90 percentage points down according to Benzinga Pro data, Bitcoin whales appear undeterred.

Robert Wilson author
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