BTC Whales Double Their Holdings Amid a Sea of ​​Red

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Bitcoin, the most popular cryptocurrency today and with the largest market volume, plunged on Friday due to aggressive comments by Fed Chairman Jerome Powell, which has allowed many large investors in the crypto market to increase their holdings for the future. Stay until the end and discover all the details!

No exit light.

Since hitting an all-time high in November last year, Bitcoin has lost more than 75% of its value thanks to various factors. Attempts to recover the price were thwarted early last month by the unexpected debacle of the FTX cryptocurrency exchangewhich sent prices below the $18,300 support and has become an increasingly difficult hurdle to clear ever since.

According to data from IntoTheBlock, only 36% of BTC holders are making a profit at current market prices, 14% are breaking even and 51% are in the red. In particular, most of those who make profits are investors who have held coins for more than 2 years.

Whales increase in strength.

However, despite the continued decline in cryptocurrency prices, the number of Bitcoin investors hoarding BTC has recently increased, according to data from Glassnode.

“Bitcoin addresses holding between 100 and 10,000 BTC have bought $726 million worth of BTC in the last 9 days,” Glassnode wrote on Thursday, adding that a further 40,747 Bitcoin (worth $726 million) had poured in. collectively to those key whale wallets within that period.

Stablecoins have also been showing an encouraging picture. “Stablecoin assets like USDT, BUSD, and DAI are also being bought up quickly. This is a recipe for good things,” the firm added.

In conclusion.

Although we haven’t seen a change in price yet, With the whales finally accumulating, Bitcoin’s rise may be in the offing.

At press time, Bitcoin is trading at $16,730 after a 3.84% decline over the past 24 hours, according to data from CoinMarketCap. Earlier yesterday, the price tried to recover, rallying as high as $17,486 after bouncing off the weekly support at $17,250 before deteriorating.

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