{"id":606257,"date":"2024-05-02T19:00:47","date_gmt":"2024-05-02T19:00:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=606257"},"modified":"2024-06-11T14:45:27","modified_gmt":"2024-06-11T14:45:27","slug":"bitcoin-slump-pushes-new-whales-underwater-a-rare-opportunity-to-buy","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-slump-pushes-new-whales-underwater-a-rare-opportunity-to-buy\/","title":{"rendered":"Bitcoin Slump Pushes New Whales Underwater: A Rare Opportunity To Buy?"},"content":{"rendered":"

As Bitcoin slumps, on-chain data by Ki Young Ju, the founder of the blockchain analytics platform CryptoQuant, paints a stark picture: all new whales, including holders of spot exchange-traded funds (ETFs), are now underwater.\u00a0<\/span><\/p>\n

New Whales And Spot ETF Investors Are In Red<\/span><\/h2>\n

Taking to X, Ju\u00a0<\/span>said<\/span><\/a> that more losses would be incoming, predicting that HODLers will find “max pain” at around $51,000. The dip is less than $10,000 from spot rates, suggesting that although there are cracks, the correction might not be\u00a0<\/span>deep. <\/span><\/p>\n

Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What\u2019s Going On?<\/a><\/div>\n

This overview is welcomed, considering the recent sell-off. Even so, predicting price bottoms in a fast-moving market influenced by multiple forces is tough.<\/span><\/p>\n

\"New
New BTC whales are underwater | Source: Ki Young Ju on X<\/figcaption><\/figure>\n

As price action stands, Ju says believers may take the opportunity to double down on the coin. The founder adds that the current price discount presents an opportunity for savvy investors to outperform traditional finance whales, including institutions with BTC exposure via spot ETFs in the United States.\u00a0<\/span><\/p>\n

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

Bitcoin is under immense liquidation pressure at the time of this writing. Though bulls soaked up the sell-off earlier today, the coin remains within a bearish breakout. Prices are trading below the support zone of between $60,000 and $61,000 and below April 2024.<\/span><\/p>\n

Inflow To Spot Bitcoin ETFs Decline As Sentiment Deteriorate<\/span><\/h2>\n

This formation suggests that though bulls are optimistic, the path of least resistance remains southwards for now. BTC dropped after posting impressive returns from October 2023 to March 2024, when prices peaked. Some analysts think the current cool-off is inevitable following sharp gains in the last six months.<\/span><\/p>\n

The fact that whales are underwater was unexpected, considering the state of affairs in the last week of April. Then, the inflow from new whales nearly doubled<\/span>\u00a0the cumulative holdings of older whales<\/a>. Analysts said this influx of fresh capital pointed to growing institutional interest. <\/span><\/p>\n

However, looking at the current price action, new whales are now in the red territory, and their excitement seems to wane.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Bull Run Over? Analyst Predicts What To Expect Now<\/a><\/div>\n

According to Lookonchain\u00a0<\/span>data<\/span><\/a>, inflow into the eight-spot Bitcoin ETFs, including BlackRock, has stalled. On May 1, all issuers, including Grayscale via GBTC, decreased by 1,950 BTC. Of note is that BlackRock’s IBIT has not seen inflows for five straight days.<\/span><\/p>\n

\"Spot
Spot Bitcoin ETF tracker | Source: Lookonchain via X<\/figcaption><\/figure>\n

Still, confidence abounds. Inflows into spot Bitcoin ETFs\u00a0<\/span>are highly influenced<\/span>\u00a0by sentiment, which rests on how prices perform.\u00a0<\/span>If BTC shakes off the current weakness and tears higher in the expected post-Halving rally, spot ETF issuers will begin receiving new inflows.<\/span>\u00a0<\/span><\/p>\n

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

As Bitcoin slumps, on-chain data by Ki Young Ju, the founder of the blockchain analytics platform CryptoQuant, paints a stark picture: all new whales, including holders of spot exchange-traded funds (ETFs), are now underwater.\u00a0 New Whales And Spot ETF Investors Are In Red Taking to X, Ju\u00a0said that more losses would be incoming, predicting that HODLers will find “max pain” at around $51,000. The dip is less than $10,000 from spot rates, suggesting that although there are cracks, the correction might not be\u00a0deep. Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What\u2019s Going On? This overview is welcomed, considering the recent sell-off. Even so, predicting price bottoms in a fast-moving market influenced by multiple forces is tough. As price action stands, Ju says believers may take the opportunity to double down on the coin. The founder adds that the current price discount presents an opportunity for savvy investors to outperform traditional finance whales, including institutions with BTC exposure via spot ETFs in the United States.\u00a0 Bitcoin is under immense liquidation pressure at the time of this writing. Though bulls soaked up the sell-off earlier today, the coin remains within a bearish breakout. Prices are trading below the support zone of between $60,000 and $61,000 and below April 2024. Inflow To Spot Bitcoin ETFs Decline As Sentiment Deteriorate This formation suggests that though bulls are optimistic, the path of least resistance remains southwards for now. BTC dropped after posting impressive returns from October 2023 to March 2024, when prices peaked. Some analysts think the current cool-off is inevitable following sharp gains in the last six months. The fact that whales are underwater was unexpected, considering the state of affairs in the last week of April. Then, the inflow from new whales nearly doubled\u00a0the cumulative holdings of older whales. Analysts said this influx of fresh capital pointed to growing institutional interest. However, looking at the current price action, new whales are now in the red territory, and their excitement seems to wane.\u00a0 Related Reading: Bitcoin Bull Run Over? Analyst Predicts What To Expect Now According to Lookonchain\u00a0data, inflow into the eight-spot Bitcoin ETFs, including BlackRock, has stalled. On May 1, all issuers, including Grayscale via GBTC, decreased by 1,950 BTC. Of note is that BlackRock’s IBIT has not seen inflows for five straight days. Still, confidence abounds. Inflows into spot Bitcoin ETFs\u00a0are highly influenced\u00a0by sentiment, which rests on how prices perform.\u00a0If BTC shakes off the current weakness and tears higher in the expected post-Halving rally, spot ETF issuers will begin receiving new inflows.\u00a0 Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":600927,"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":[428,679,7720,1122,78790,89583],"class_list":["post-606257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-blackrock","tag-btc-price","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin Slump Pushes New Whales Underwater: A Rare Opportunity To Buy?<\/title>\n<meta name=\"description\" content=\"Bitcoin prices are dropping. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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 Slump Pushes New Whales Underwater: A Rare Opportunity To Buy?","url":"http:\/\/uniquehot.com\/news\/bitcoin-slump-pushes-new-whales-underwater-a-rare-opportunity-to-buy\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-slump-pushes-new-whales-underwater-a-rare-opportunity-to-buy\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/DALL\u00b7E-2024-04-02-09.53.15-A-dynamic-eye-catching-digital-illustration-representing-the-concept-of-Bitcoins-significant-drop-in-value-set-against-a-backdrop-of-financial-char.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/DALL\u00b7E-2024-04-02-09.53.15-A-dynamic-eye-catching-digital-illustration-representing-the-concept-of-Bitcoins-significant-drop-in-value-set-against-a-backdrop-of-financial-char.png?fit=1792%2C1024"},"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 price","blackrock","btc price","btcusdt","spot bitcoin etfs"],"dateCreated":"2024-05-02T19:00:47Z","datePublished":"2024-05-02T19:00:47Z","dateModified":"2024-06-11T14:45:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Slump Pushes New Whales Underwater: A Rare Opportunity To Buy?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-slump-pushes-new-whales-underwater-a-rare-opportunity-to-buy\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-slump-pushes-new-whales-underwater-a-rare-opportunity-to-buy\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/DALL\\u00b7E-2024-04-02-09.53.15-A-dynamic-eye-catching-digital-illustration-representing-the-concept-of-Bitcoins-significant-drop-in-value-set-against-a-backdrop-of-financial-char.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/DALL\\u00b7E-2024-04-02-09.53.15-A-dynamic-eye-catching-digital-illustration-representing-the-concept-of-Bitcoins-significant-drop-in-value-set-against-a-backdrop-of-financial-char.png?fit=1792%2C1024\"},\"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 price\",\"blackrock\",\"btc price\",\"btcusdt\",\"spot bitcoin etfs\"],\"dateCreated\":\"2024-05-02T19:00:47Z\",\"datePublished\":\"2024-05-02T19:00:47Z\",\"dateModified\":\"2024-06-11T14:45:27Z\"}<\/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\/DALL\u00b7E-2024-04-02-09.53.15-A-dynamic-eye-catching-digital-illustration-representing-the-concept-of-Bitcoins-significant-drop-in-value-set-against-a-backdrop-of-financial-char.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/606257","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\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=606257"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/606257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/600927"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=606257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=606257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=606257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}