{"id":605312,"date":"2024-04-26T21:00:46","date_gmt":"2024-04-26T21:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=605312"},"modified":"2024-06-11T14:45:16","modified_gmt":"2024-06-11T14:45:16","slug":"bitcoin-under-pressure-whales-hold-over-331-billion-of-btc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-under-pressure-whales-hold-over-331-billion-of-btc\/","title":{"rendered":"Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?"},"content":{"rendered":"

While Bitcoin prices struggle for momentum and are caged inside a narrow range, on-chain data tells a different story. Taking to X, one analyst\u00a0<\/span>notes<\/span><\/a> that whales, which are large crypto holders, are actively accumulating the world’s largest coin by market cap.\u00a0<\/span><\/p>\n

\"BTC
BTC whales accumulating | Source: Analyst via X<\/figcaption><\/figure>\n

Bitcoin Whales Accumulating Despite Weakness<\/span><\/h2>\n

By the time this data was shared, Bitcoin whales held over 5.1 million BTC worth a staggering $331 billion. That there is still demand when the coin moves in a narrow range flies in the face of recent market weakness and skeptics betting on even more price dumps.<\/span><\/p>\n

Related Reading: After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins<\/a><\/div>\n

Currently, Bitcoin is inside a range, with caps at $73,800 and $60,000. Despite overall market confidence, the coin has failed to pull higher, breaking above $70,000 even after Halving on April 20. Even though prices are firm, the absence of follow-through after April 21 and 22 hints at weakness.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

From the BTCUSDT price chart, the coin could explode should it break above the middle BB. If the leg up is accompanied by positive fundamental events, momentum could push the coin to all-time highs.<\/span><\/p>\n

On the flip side, BTC is likely to slip even lower should sellers flow back. The sharp rejection of bulls on April 24 is bearish. As such, this might set a wave of lower lows in motion, taking the coin below April 2023 lows.<\/span><\/p>\n

Traders Panicked Sold, Register Huge Losses<\/span><\/h2>\n

Parallel market data\u00a0<\/span>shows<\/span><\/a> panic sellers on Binance and OKX, two major crypto exchanges by trading volumes, have dumped a combined 5,137 BTC at a loss over the past two weeks. As data shows, prices have been weaving lower during this time, with bulls failing to counter the dump, especially after two\u00a0<\/span>consecutive losses on April 12 and 13.<\/span><\/p>\n

Related Reading: DOGE Price Prediction \u2013 Dogecoin Below $0.14 Could Spark Larger Degree Drop<\/a><\/div>\n

Meanwhile, there have been sharp outflows from ARKB, the spot Bitcoin exchange-traded fund (ETF). Data<\/a> shows that ARKB sold 490 BTC, worth $31 million, on April 25. This is the<\/span> third-largest single-day outflow in history.<\/span><\/p>\n

\"ARKB
ARKB outflows | Source: Analyst via X<\/figcaption><\/figure>\n

Recent price pressures on BTC coincide with a marked drop in spot ETF inflows in the second half of April. On April 25, Lookonchain\u00a0<\/span>data<\/span><\/a>\u00a0revealed that GBTC and all the nine spot ETF issuers decreased over 2,100 BTC worth roughly $135 million.<\/span><\/p>\n

Feature image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

While Bitcoin prices struggle for momentum and are caged inside a narrow range, on-chain data tells a different story. Taking to X, one analyst\u00a0notes that whales, which are large crypto holders, are actively accumulating the world’s largest coin by market cap.\u00a0 Bitcoin Whales Accumulating Despite Weakness By the time this data was shared, Bitcoin whales held over 5.1 million BTC worth a staggering $331 billion. That there is still demand when the coin moves in a narrow range flies in the face of recent market weakness and skeptics betting on even more price dumps. Related Reading: After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins Currently, Bitcoin is inside a range, with caps at $73,800 and $60,000. Despite overall market confidence, the coin has failed to pull higher, breaking above $70,000 even after Halving on April 20. Even though prices are firm, the absence of follow-through after April 21 and 22 hints at weakness. From the BTCUSDT price chart, the coin could explode should it break above the middle BB. If the leg up is accompanied by positive fundamental events, momentum could push the coin to all-time highs. On the flip side, BTC is likely to slip even lower should sellers flow back. The sharp rejection of bulls on April 24 is bearish. As such, this might set a wave of lower lows in motion, taking the coin below April 2023 lows. Traders Panicked Sold, Register Huge Losses Parallel market data\u00a0shows panic sellers on Binance and OKX, two major crypto exchanges by trading volumes, have dumped a combined 5,137 BTC at a loss over the past two weeks. As data shows, prices have been weaving lower during this time, with bulls failing to counter the dump, especially after two\u00a0consecutive losses on April 12 and 13. Related Reading: DOGE Price Prediction \u2013 Dogecoin Below $0.14 Could Spark Larger Degree Drop Meanwhile, there have been sharp outflows from ARKB, the spot Bitcoin exchange-traded fund (ETF). Data shows that ARKB sold 490 BTC, worth $31 million, on April 25. This is the third-largest single-day outflow in history. Recent price pressures on BTC coincide with a marked drop in spot ETF inflows in the second half of April. On April 25, Lookonchain\u00a0data\u00a0revealed that GBTC and all the nine spot ETF issuers decreased over 2,100 BTC worth roughly $135 million. Feature image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":602472,"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":[428,14618,679,1122,78790,89583],"class_list":["post-605312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bulls","tag-bitcoin-price","tag-btc-price","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?<\/title>\n<meta name=\"description\" content=\"Bitcoin is under pressure at spot rates but on-chain data shows that most whales are accumulating. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?","url":"http:\/\/uniquehot.com\/news\/bitcoin-under-pressure-whales-hold-over-331-billion-of-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-under-pressure-whales-hold-over-331-billion-of-btc\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin_9c9f99.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/Bitcoin_9c9f99.jpeg?fit=1140%2C570"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bulls","bitcoin price","btc price","btcusdt","spot bitcoin etfs"],"dateCreated":"2024-04-26T21:00:46Z","datePublished":"2024-04-26T21:00:46Z","dateModified":"2024-06-11T14:45:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-under-pressure-whales-hold-over-331-billion-of-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-under-pressure-whales-hold-over-331-billion-of-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_9c9f99.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_9c9f99.jpeg?fit=1140%2C570\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bulls\",\"bitcoin price\",\"btc price\",\"btcusdt\",\"spot bitcoin etfs\"],\"dateCreated\":\"2024-04-26T21:00:46Z\",\"datePublished\":\"2024-04-26T21:00:46Z\",\"dateModified\":\"2024-06-11T14:45:16Z\"}<\/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\/2024\/04\/Bitcoin_9c9f99.jpeg?fit=1140%2C570","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/605312"}],"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\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=605312"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/605312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/602472"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=605312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=605312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=605312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}