Bitcoin (BTC) Whales Accumulate $4.7B BTC During Market Dump

Bitcoin underwent increased volatility last week as prices decreased sharply, activating widespread market sell-offs. On-chain data, however, suggests that large holders used the diminishing as an accumulation opportunity.

According to shared analytics, BTC whales added almost $4.72 billion worth of BTC to accumulation addresses during the decline, marking the largest single-day inflow in nearly four years.

According to CoinMarketCap, at the time of writing, the coin is trading at $68,983.79 with a 2.94% decline in rate. The market cap of the coin has exceeded $1.38 trilllion and the volume of the token is around $44 billion.

Source: CoinMarketCap

Also Read: Bitcoin Nears $71,000 as Bullish Chart Pattern & Satoshi Wallet Transfer Emerge

Record Inflows Into Accumulation Addresses for Bitcoin

Data from on-chain analytics platforms tracing BTC accumulation addresses indicate a significant spike in inflows during the sell-off. Accumulation addresses are wallets conventionally related to long-term holding traits and minimal outgoing transactions.

The reported $4.72 billion inflow indicates the highest daily volume of BTC moving into these addresses since 2022. This underlines a strong buying movement from large entities during the price drop.

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The accumulation corresponded with a larger market decrease that saw BTC drop sharply from recent highs. The sell-off happened between increased macroeconomic uncertainty and increased risk-off sentiment across global markets.

Despite the downward price action, on-chain traits indicated that long-term investors viewed the correction as a calculated entry point rather than a signal of structural weakness.

Outlook and Market Context

BTC’s price chart reveals a downward momentum. It could climb toward the resistance at around $71,617.06. Assuming the bullish pressure occurs, the golden cross might emerge and send the price up to test the $76,000 range.

If a reversal occurs, the bears might further push down the BTC price to the support at $68,018.68. In case the downside correction gains more traction, the death cross could form, and likely drive the asset’s price to a low of $64,000 or even lower.

Source: TradingView

The moving average convergence divergence (MACD) indicator shows the coin experiencing a bullish phase as the MACD line (blue) is above the signal line (orange). The relative strength index (RSI) shows that the asset is being oversold.

Also Read: Bitcoin Under $70K Created Buy Opportunity: Bitwise CEO