{"id":570407,"date":"2024-01-19T22:00:46","date_gmt":"2024-01-19T22:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=570407"},"modified":"2024-06-11T11:13:42","modified_gmt":"2024-06-11T11:13:42","slug":"market-dips-whales-play-bitcoin-and-ethereum-snagged-by-savvy-investors","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/market-dips-whales-play-bitcoin-and-ethereum-snagged-by-savvy-investors\/","title":{"rendered":"Market Dips, Whales Play: Bitcoin And Ethereum Snagged By Savvy Investors"},"content":{"rendered":"

Recently, cryptocurrency analytics platform Lookonchain reported<\/a> activities of Bitcoin (BTC) and Ethereum (ETH) whales amid the ongoing market downturn. These whales appear to have been capitalizing on the recent decline in the crypto prices to bolster their holdings.<\/p>\n

According to Lookonchain, amid the\u00a0market dip<\/a>, a newly established wallet withdrew 700 BTC, valued at roughly $29.36 million, from the Binance exchange.<\/p>\n

Related Reading: Why Did The Bitcoin Price Fall Below $41,000?<\/a><\/div>\n

These BTCs were purchased at an average price of $41,948 each.It is worth noting that, according to the analyst, such a move during a market downturn demonstrates a bullish sentiment on the future of BTC.<\/p>\n

\n

It seems that a whale is buying $BTC<\/a>!<\/p>\n

In the recent market drop, a new wallet withdrew 700 $BTC<\/a>($29.36M) from #Binance<\/a> at an average price of $41,948.https:\/\/t.co\/5kE1l0mJlo<\/a> pic.twitter.com\/Fj1thu4C6x<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) January 19, 2024<\/a><\/p><\/blockquote>\n

Ethereum Whales Joining The Fray<\/h2>\n

The narrative of strategic accumulation isn\u2019t limited to Bitcoin. Lookonchain\u2019s subsequent tweet highlighted similar activities in the Ethereum market.<\/p>\n

A whale took advantage of the decreased Ethereum prices, buying 3,600 ETH, worth around $8.9 million. Lookonchain highlighted that this investor\u2019s history of buying ETH at lower prices and selling at higher valuations has resulted in substantial profits, estimated at around $25.8 million.<\/p>\n

\n

After the price of $ETH<\/a> dropped today, this smart whale bought 3,600 $ETH<\/a>($8.9M) back at a lower price 5 hours ago.<\/p>\n

This whale is very good at buying $ETH<\/a> at low prices and selling $ETH<\/a> at highs.<\/p>\n

The profit is ~$25.8M currently!https:\/\/t.co\/UzXbheftr1<\/a> pic.twitter.com\/DannZzsQVk<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) January 19, 2024<\/a><\/p><\/blockquote>\n

These whale movements are worth noting, especially considering the increasing bearish sentiment in the cryptocurrency markets. Ethereum, for instance, has seen a 1.9% decline<\/a> in the past 24 hours and a 7.8% drop over the past week.<\/p>\n

The asset is currently trading at around $2,475. Bitcoin is experiencing a similar trend, with a nearly 3% decrease in the past 24 hours and a 10% fall over the past week, bringing its price to $40,819<\/a>\u00a0at the time of writing.<\/p>\n

\"BTC
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

This market downturn is also reflected in the asset’s trading volume. Bitcoin\u2019s daily trading volume fell from over $40 billion last Friday to about $26 billion.<\/p>\n

Bitcoin Market Analysis And Future Predictions<\/h2>\n

In light of these developments, renowned crypto analyst Jacob Canfield has cautioned that Bitcoin might face further corrections in the short term<\/a>.<\/p>\n

Canfield notes that the upcoming Bitcoin halving could play a crucial role in rebalancing the market dynamics<\/a>, potentially tipping the scale towards demand over supply. However, his analysis of Bitcoin\u2019s 4-hour chart indicates the formation of a trend that has historically been an indicator of negative short to mid-term price movements.<\/p>\n

For Bitcoin, critical levels include $48,700, marked by the 61.8% Fibonacci retracement, weekly resistance, and a significant support level to watch at $38,700. Earlier this month, Bitcoin traded at the $48,700 zone before retracing.<\/p>\n

Related Reading: Crypto Analyst Sounds Alarm: Bitcoin Price Set To Plunge Even Lower<\/a><\/div>\n

Canfield warns that following a tap of the 61.8% level, Bitcoin often experiences an 18-22% sell-off, potentially bringing it back to the $38,700 support level.<\/p>\n

\n

#Bitcoin<\/a> update – If you’ve been following me for a while, you’ll know my local top on $BTC<\/a> was $48.7k (as per my playbook posts)<\/p>\n

The question that everyone is asking now is ‘where do we go from here?’<\/p>\n

The current narrative is that the ETF approval unlocked the GBTC investors\u2026 pic.twitter.com\/MayIZp5vEY<\/a><\/p>\n

\u2014 Jacob Canfield (@JacobCanfield) January 18, 2024<\/a><\/p><\/blockquote>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Recently, cryptocurrency analytics platform Lookonchain reported activities of Bitcoin (BTC) and Ethereum (ETH) whales amid the ongoing market downturn. These whales appear to have been capitalizing on the recent decline in the crypto prices to bolster their holdings. According to Lookonchain, amid the\u00a0market dip, a newly established wallet withdrew 700 BTC, valued at roughly $29.36 million, from the Binance exchange. Related Reading: Why Did The Bitcoin Price Fall Below $41,000? These BTCs were purchased at an average price of $41,948 each.It is worth noting that, according to the analyst, such a move during a market downturn demonstrates a bullish sentiment on the future of BTC. It seems that a whale is buying $BTC! In the recent market drop, a new wallet withdrew 700 $BTC($29.36M) from #Binance at an average price of $41,948.https:\/\/t.co\/5kE1l0mJlo pic.twitter.com\/Fj1thu4C6x \u2014 Lookonchain (@lookonchain) January 19, 2024 Ethereum Whales Joining The Fray The narrative of strategic accumulation isn\u2019t limited to Bitcoin. Lookonchain\u2019s subsequent tweet highlighted similar activities in the Ethereum market. A whale took advantage of the decreased Ethereum prices, buying 3,600 ETH, worth around $8.9 million. Lookonchain highlighted that this investor\u2019s history of buying ETH at lower prices and selling at higher valuations has resulted in substantial profits, estimated at around $25.8 million. After the price of $ETH dropped today, this smart whale bought 3,600 $ETH($8.9M) back at a lower price 5 hours ago. This whale is very good at buying $ETH at low prices and selling $ETH at highs. The profit is ~$25.8M currently!https:\/\/t.co\/UzXbheftr1 pic.twitter.com\/DannZzsQVk \u2014 Lookonchain (@lookonchain) January 19, 2024 These whale movements are worth noting, especially considering the increasing bearish sentiment in the cryptocurrency markets. Ethereum, for instance, has seen a 1.9% decline in the past 24 hours and a 7.8% drop over the past week. The asset is currently trading at around $2,475. Bitcoin is experiencing a similar trend, with a nearly 3% decrease in the past 24 hours and a 10% fall over the past week, bringing its price to $40,819\u00a0at the time of writing. This market downturn is also reflected in the asset’s trading volume. Bitcoin\u2019s daily trading volume fell from over $40 billion last Friday to about $26 billion. Bitcoin Market Analysis And Future Predictions In light of these developments, renowned crypto analyst Jacob Canfield has cautioned that Bitcoin might face further corrections in the short term. Canfield notes that the upcoming Bitcoin halving could play a crucial role in rebalancing the market dynamics, potentially tipping the scale towards demand over supply. However, his analysis of Bitcoin\u2019s 4-hour chart indicates the formation of a trend that has historically been an indicator of negative short to mid-term price movements. For Bitcoin, critical levels include $48,700, marked by the 61.8% Fibonacci retracement, weekly resistance, and a significant support level to watch at $38,700. Earlier this month, Bitcoin traded at the $48,700 zone before retracing. Related Reading: Crypto Analyst Sounds Alarm: Bitcoin Price Set To Plunge Even Lower Canfield warns that following a tap of the 61.8% level, Bitcoin often experiences an 18-22% sell-off, potentially bringing it back to the $38,700 support level. #Bitcoin update – If you’ve been following me for a while, you’ll know my local top on $BTC was $48.7k (as per my playbook posts) The question that everyone is asking now is ‘where do we go from here?’ The current narrative is that the ETF approval unlocked the GBTC investors\u2026 pic.twitter.com\/MayIZp5vEY \u2014 Jacob Canfield (@JacobCanfield) January 18, 2024 Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":518350,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,678,1119,78790,6664,85977,8323,1946],"class_list":["post-570407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-whales","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\nMarket Dips, Whales Play: Bitcoin And Ethereum Snagged By Savvy Investors Amid Price Fall<\/title>\n<meta name=\"description\" content=\"Recently, cryptocurrency analytics platform Lookonchain reported intriguing activities of Bitcoin (BTC) and Ethereum (ETH) whales amid...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Market Dips, Whales Play: Bitcoin And Ethereum Snagged By Savvy Investors","url":"http:\/\/uniquehot.com\/news\/market-dips-whales-play-bitcoin-and-ethereum-snagged-by-savvy-investors\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/market-dips-whales-play-bitcoin-and-ethereum-snagged-by-savvy-investors\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin-1-scaled.jpg?fit=2560%2C1854"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","bitcoin prediction","btc","btcusdt","crypto","crypto whales","eth","ethereum"],"dateCreated":"2024-01-19T22:00:46Z","datePublished":"2024-01-19T22:00:46Z","dateModified":"2024-06-11T11:13:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Market Dips, Whales Play: Bitcoin And Ethereum Snagged By Savvy Investors\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/market-dips-whales-play-bitcoin-and-ethereum-snagged-by-savvy-investors\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/market-dips-whales-play-bitcoin-and-ethereum-snagged-by-savvy-investors\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin-1-scaled.jpg?fit=2560%2C1854\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto whales\",\"eth\",\"ethereum\"],\"dateCreated\":\"2024-01-19T22:00:46Z\",\"datePublished\":\"2024-01-19T22:00:46Z\",\"dateModified\":\"2024-06-11T11:13:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin-1-scaled.jpg?fit=2560%2C1854","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=570407"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/518350"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=570407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=570407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=570407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}