- The bullish divergence between whales accumulating Bitcoin as prices decline is typical of a rebound in BTC price.
- Large wallet investors are scooping up more than 1,000 BTC a day, as the largest cryptocurrency bleeds in response to SEC’s clampdown.
- Bitcoin price recovery is likely according to the bullish on-chain metrics.
The US Securities & Exchange Commission’s (SEC) regulatory crackdown on crypto has wiped out over $100 billion from the market cap. While altcoins continue to crumble under the selling pressure from the legal tussle between the regulator and crypto exchanges, Bitcoin whales are scooping up tokens.
Also read: Top 5 cryptos traders are buying after SEC crackdown on $100 billion worth of assets
Bitcoin whales scoop up $25.75 million in BTC a day
Bitcoin network’s large wallet investors are accumulating the asset during the ongoing crypto bloodbath. Based on data from crypto intelligence tracker Santiment, whales are scooping up 1,000 BTC worth $25.75 million a day.
Bitcoin accumulation by whales
As seen in the chart above, large wallet addresses on the Bitcoin network have scooped up 57,578 more BTC as the asset’s price declined 10% between April 9 and June 9. In the same timeframe, whales consistently added more than 1,000 BTC a day to their wallet addresses.
The SEC’s clampdown resulted in a significant decline in the market capitalization of altcoins. Moreover, Bitcoin’s dominance surged from 44.21% to 45.69%, based on CoinGecko data. Both rising BTC dominance and accumulation by whales are bullish for the asset.
The two bullish developments could catalyze a rebound in Bitcoin price. At the time of writing, Bitcoin price is $25,746 and the asset declined 5.2% over the past week. BTC is 62.7% below its all-time high of $69,044.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.