Bitcoin Whales Buy Billions of Dollars When Prices Drop, Bullish Signal or Manipulation?

Bittime - In the midst of the ongoing crypto market correction, "Bitcoin whales" (Bitcoin investors with large holdings) are actually showing interesting actions. According to blockchain analytics company CryptoQuant, on June 11, these Bitcoin whales carried out massive accumulation by buying 20,600 BTC worth $1.38 billion (around Rp. 20 trillion).

This action marks the largest accumulation of Bitcoin by whales since February 28, 2022, when the Bitcoin exchange-traded fund (ETF) financial instrument was just six weeks old and the price of BTC was approaching its all-time high.

CryptoQuant data shows that Bitcoin inflows to whales' wallets initially moved moderately in the range of 1,300 to 2,200 BTC per day, as Bitcoin prices fell from $71,650 on June 7 to around $69,000. However, a sharper price drop a few days later triggered a massive accumulation action with the influx of 20,600 Bitcoins into the whales' wallets on June 11.

Data for June 12 has not been updated, at which time Bitcoin prices soared after the United States Consumer Price Index (CPI) data was better than expected. At the time of writing, Bitcoin is trading at around $67,500 (around IDR 993 million).

Bitcoin Supply on Exchanges Drops, Bullish Signal?

In addition to the accumulation actions by whales, data from on-chain intelligence platform Santiment shows that the supply of Bitcoin on crypto exchanges has fallen to the lowest level since December 22, 2021, namely around 942,000 BTC. A decrease in Bitcoin reserves on crypto exchanges is usually associated with a strengthening market, where investors anticipate price increases in the medium to long term.

Ethereum Whales Don't Want to Be Left Behind

Industry analyst Ali Martinez, citing Santiment data, reports that recent Ethereum whales have also purchased more than 240,000 ETH worth nearly $840 million (around IDR 12.3 trillion) at current prices.

However, in contrast to Bitcoin, Santiment reports that the supply of Ether on crypto exchanges has actually increased in the last few days. Currently, there is around 17.98 million ETH (worth $63.1 billion) held on crypto exchanges (according to Santiment data). The price of Ether itself fell 8% from $3,815 on June 7 to $3,510 at the time of this writing.

Analysis and Questions About Bitcoin Whales

The massive accumulation action by Bitcoin whales amidst a market correction raises the question: Is this a bullish (optimistic) signal for Bitcoin prices in the long term, or just market manipulation by big investors?

It is important to remember that the crypto market is still relatively young and volatility is high. Bitcoin price movements can be influenced by various factors, including investor sentiment, news and regulations, as well as market manipulation by large investors.

Investors need to conduct in-depth research and consider various factors before making investment decisions in the crypto market.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.