Bitcoin (BTC) Whales Accumulate $2.9 Billion in Single Day Surge: Unprecedented Crypto Market Activity

• Large cryptocurrency holders, known as whales, have accumulated nearly 47,000 Bitcoins in the past day, worth around $2.9 billion, according to data from on-chain analytics firm CryptoQuant.
• The whale accumulation occurred after a recent price dip that saw Bitcoin’s price drop from over $60,000 to just below the $57,000 mark before it quickly started recovering.
• Some institutions may be among those buying the dip, as BNP Paribas, the second-largest bank in Europe, has gained exposure to Bitcoin via a spot exchange-traded fund.

Whales accumulate 47,000 Bitcoins in a day following a price dip, with institutions like BNP Paribas gaining exposure to Bitcoin via a spot exchange-traded fund.

Whales Accumulate 47,000 Bitcoins

According to data from on-chain analytics firm CryptoQuant, large cryptocurrency holders, known as whales, have accumulated nearly 47,000 Bitcoins in the past day, worth around $2.9 billion. This surge in whale balances was shared by the company’s founder and CEO Ki Young Ju, who stated that “we’re entering a new era” as a result.

Bitcoin Price Dip and Recovery

The whale accumulation came after a recent price dip that saw Bitcoin’s price plunge from over $60,000 to a low just below the $57,000 mark. However, the cryptocurrency quickly started recovering and has surged more than 4.5% over the last 24 hours to now trade at $61,700.

Institutions Buying the Dip

As reported by CoinOtag, some institutions may be among those buying the dip. BNP Paribas, the second-largest bank in Europe, has gained exposure to the flagship cryptocurrency Bitcoin via a spot exchange-traded fund. According to a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), the bank has purchased shares of BlackRock’s iShares Bitcoin Trust (IBIT).

Interest from Sovereign Wealth Funds

An executive at BlackRock has revealed that sovereign wealth funds are showing interest in gaining exposure to Bitcoin through its iShares Bitcoin Trust (IBIT) ETF, and could start trading it over the next few months. This would indicate a significantly different attitude towards digital assets. Foreign wealth funds like Kuwait’s Investment Authority (KIA), the oldest sovereign wealth fund in the world, and Norway’s well-known $1.6 trillion wealth fund, could make ripples in the market with even conservative allocations.

Conclusion

The accumulation of 47,000 Bitcoins by whales and the growing interest of institutions and sovereign wealth funds in Bitcoin indicate a promising future for the cryptocurrency. Despite price dips, the quick recovery and continued investment show the resilience and potential of Bitcoin in the financial market.