U.Today – The latest data from IntoTheBlock shows that whales (BTC) have significantly increased their holdings by 71,000 BTC this week, taking advantage of the recent BTC price drop. The Large Holders Netflow metric, which tracks the activity of investors holding more than 0.1% of the total Bitcoin supply, indicates significant accumulation by these large players.
The NetFlow metric shows a huge increase, corresponding to an addition of over 70,000 BTC, equivalent to over $4.3 billion. This accumulation occurred at a time when the price of Bitcoin fell sharply to a low of $55,550. The timing suggests that whales took advantage of lower prices to significantly increase their positions.
Following this accumulation, the BTC price rebounded impressively, increasing by 10.3% to over $60,000 per BTC. This rally underlines the impact of whale activity on the cryptocurrency market, highlighting how strategic moves by large holders can influence price trends.
The large holders net flow metric serves as a valuable indicator of the behavior of large investors. Spikes in this metric typically indicate accumulation, while dips indicate reduced positions or selling. This week’s spike in net flow coincides with the recent price drop, suggesting that whales viewed lower prices as a buying opportunity.
The surge in Bitcoin price following its accumulation raises the question: could this be a sign of market manipulation by the most powerful entities?
This article was originally published on U.Today
