Following rumors of a potential Ethereum Spot Exchange Traded Fund (ETF) Approved, Bitcoin price reached its current all-time high of $73,737. Although the momentum was not enough to push the top cryptocurrency to a new all-time high price, BTC still managed to breach the $70,000 level for the first time in over a month.
The price of Bitcoin quickly experienced a correction and is currently below $70,000 despite the Possible SEC Approval of ETH ETF. However, the latest on-chain revelation suggests that BTC price could resume its upward movement sooner rather than later.
Can whale activity spur BTC price recovery?
In a recent post on the platform, popular crypto expert Ali Martinez said there has been significant buying activity among a certain class of large investors in recent days. This on-chain reveal is based on Santiment’s Balance of Whales, which tracks the total number of coins held by whales holding between 1,000 and 10,000 BTC.
According to data from Feeling, this class of large Bitcoin holders purchased over 20,000 BTC (equivalent to a whopping $1.34 billion) over 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 it appeared after the price of Bitcoin fell back to $67,000. Notably, Martinez said in his post that these whales are “buy the dip,“A term used to describe buying activity after an asset has experienced a decline in price.
Additionally, this recent buying by whales could be a sign that large holders and players may know something about the market. Future BTC Price Trajectory. As such, investors may want to keep an eye out for further moves, as they can lead to speculation and possible changes in the market.
Moreover, whales are often seen as key players in the crypto market because their buying and selling activities can impact the price of digital assets. Given its magnitude, the recent buying could be a bullish supporter of the premier cryptocurrency’s price.
Bitcoin Price at a Glance
At the time of writing these lines, the Bitcoin price stands at approximately $68,917, reflecting an increase of just 1% over the past day. However, on the weekly time frame, the leading cryptocurrency is in a better position and is up 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
