- Bitcoin whales have purchased over 40,000 BTC during last week’s drop under $60,000 per coin
- Crypto prospects remain strong but short-term pressures weigh on the market mood
Bitcoin Whales Accumulate 40,000 BTC in a Week
Bitcoin whales, defined as those crypto wallets holding 100 BTC or more, have been quietly building their bitcoin holdings. Over the past week, a report from crypto analytics firm Santiment shows, those same wallets have grown their BTC stacks significantly. More precisely, a total of 40,000 BTC worth $2.36 billion had been added by them.
In more detail, the large-scale bitcoin purchases were made in just a week when the price of the token slipped under $60,000. According to the report, whales jumped in the market to buy the dip when BTC was trading between $56,000 to $59,000.
Moreover, in signs of cryptocurrency becoming more mainstream, the demand for tokens remains strong on Friday. It’s important to mention that stocks globally are sliding over fears a new Covid-19 strain could roll back economic progress. To this note, crypto traders are seeking to hold the line amid a sell-off in the broader financial markets.
Traders Keep Buying the Dip with BTC Under $60K
Presently, the price of bitcoin is hovering slightly around $55,000 per coin. In that context, those who have been waiting to enter the market at lower levels can easily buy the dip if they see long-term success.
Further, despite the short-term volatility caused by the Covid-19 strain, crypto prospects remain strongly positive. This said, wider adoption and mainstream use is expected to accelerate as institutions are waiting to get in the market. Not only that, but many investment banks are keen to start offering actual bitcoin once regulations arrive.
Against this backdrop, the US is now working on a regulatory framework over crypto markets. In previous comments, US lawmakers, including Securities and Exchange Commission chairman Gary Gensler, have said they are looking to introduce crypto-friendly rules. To this end, some strategists even call for a new all-time high for bitcoin before the end of the year.