Following
rumors
of
a
potential
Ethereum
spot
exchange-traded
fund
(ETF)
approval,
the
Bitcoin
price
made
a
run
at
its
current
all-time
high
of
$73,737.
While
the
momentum
was
not
sufficient
to
push
the
premier
cryptocurrency
to
a
new
record
price,
BTC
still
managed
to
cross
the
$70,000
level
for
the
first
time
in
over
a
month.
Bitcoin’s
price
soon
experienced
a
correction
and
currently
sits
below
$70,000
despite
the
SEC’s
eventual
approval
of
the
ETH
ETF.
However,
the
latest
on-chain
revelation
suggests
that
the
BTC
price
might
resume
its
upward
movement
sooner
rather
than
later.
Can
Whale
Activity
Drive
BTC’s
Price
Recovery?
In
a
recent
post
on
the
X
platform,
popular
crypto
pundit
Ali
Martinez
shared
that
there
has
been
significant
buying
activity
amongst
a
certain
class
of
large
investors
in
recent
days.
This
on-chain
revelation
is
based
on
Santiment’s
Balance
of
Whales,
which
tracks
the
total
number
of
coins
owned
by
whales
holding
between
1,000
and
10,000
BTC.
According
to
data
from
Santiment,
this
class
of
large
Bitcoin
holders
have
bought
more
than
20,000
BTC
(equivalent
to
a
massive
$1.34
billion)
in
the
past
day.
This
recent
acquisition
brings
the
balance
of
this
class
of
whales
to
a
whopping
total
of
4.96
million
BTC.
A chart showing BTC price and balance of whales holding between 1,000 and 10,000 BTC | Source: Ali_charts/X
The
timing
of
this
purchase
is
interesting,
considering
its
occurrence
after
the
Bitcoin
price
dropped
back
to
$67,000.
Notably,
Martinez
said
in
his
post
that
these
whales
are
“buying
the
dip,”
a
term
used
to
describe
purchasing
activity
after
an
asset
experiences
a
fall
in
price.
What’s
more,
this
recent
purchase
by
the
whales
might
be
a
signal
that
the
large
holders
and
big
players
might
know
something
about
the
BTC
future
price
trajectory.
As
such,
investors
might
want
to
keep
an
eye
out
for
further
movements,
as
they
can
lead
to
speculations
and
potential
market
shifts.
Moreover,
whales
are
often
perceived
as
key
players
in
the
crypto
market,
as
their
buying
and
selling
activities
can
impact
the
price
of
digital
assets.
Considering
its
magnitude,
the
recent
purchase
might
be
a
bullish
proponent
for
the
price
of
the
premier
cryptocurrency.
Bitcoin
Price
At
A
Glance
As
of
this
writing,
the
price
of
Bitcoin
stands
around
$68,917,
reflecting
a
mere
1%
increase
in
the
past
day.
On
the
weekly
timeframe,
though,
the
premier
cryptocurrency
holds
a
better
position
and
is
up
by
3%.
The price of BTC breaks above the $69,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured
image
from
Unsplash,
chart
from
TradingView
Go to Source
Author: Opeyemi Sule
