Latest data from IntoTheBlock shows that Bitcoin (BTC) whales have significantly increased their holdings by 71,000 BTC this week, taking advantage of the recent dip in the BTC price. 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 big increase, corresponding to an addition of more than 70,000 BTC, equivalent to more than $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 the whales took advantage of the lower prices to add significantly to their positions.
Following this accumulation, the price of BTC rebounded impressively, rising 10.3% to over $60,000 per BTC. This rebound underscores the impact of whale activity on the cryptocurrency market, highlighting how strategic moves by large holders can influence price trends.
The large holder netflow metric serves as a valuable indicator of large investor behavior. Spikes in this metric typically signal accumulation, while dips indicate reduced positions or selling. This week’s spike in netflow coincides with the recent drop in price, suggesting that the whales saw the lower prices as a buying opportunity.
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The rebound in the price of Bitcoin following their accumulation begs the question: Could this be a sign of market manipulation by the most powerful entities?