On Tuesday, May 21, Bitcoin whales amassed an astounding $636 million worth of BTC in a spectacular show of market activity. Bitcoin Whales activity increased when the price of bitcoin rose above $71,500. Fear of Missing Out (FOMO) may have contributed to this buildup as confidence in Bitcoin’s future trajectory increased.
Bitcoin Whales Amass Huge Amounts of BTC
In a post on X, Stash Thomas Fahrer, the co-founder of Apollo, a company that offers insights on Bitcoin, highlighted this development. Furthermore, his image demonstrated that the most recent wave of whale buying totalled 8,958 BTC in a single day. Moreover, whales have increased their holdings by 12,058 BTC in the last seven days.
Based on Bitcoin’s current market price, this reserve is a significant $840.32 million. FOMO has fueled this accumulating frenzy as traders and investors rush to shore up their holdings in the face of Bitcoin’s erratic price swings.
However, even with this significant whale activity, the price of Bitcoin fell to as low as $69,000. This drop has raised concerns about the oldest cryptocurrency’s short-term trend. The good news about Ethereum ETFs may have contributed to the earlier spike in the price of Bitcoin, as the SEC encouraged issuers to submit revised 19b-4 filings.
Conversely, experts have a positive outlook regarding Bitcoin’s price direction due to technical indicators. Moreover, the strong inflows into the Spot Bitcoin ETF also benefited the market dynamics. The Bitcoin ETFs had an incredible $305.7 million inflow on Tuesday, with BlackRock’s IBIT leading the way.
Furthermore, these ETFs have contributed significantly to whale buying since their inception in January 2024. Analysts have, therefore, demanded further positive flows to raise the price of Bitcoin to all-time highs. Furthermore, any good news regarding Bitcoin might serve as a trigger.
Will Bitcoin Prices Rise Again?
Today, the price of Bitcoin reached $69,000 and continued its downward path for some time. It did, however, show a significant recovery, surpassing $70,000 even though it was still losing money. On Wednesday, May 22, the price of Bitcoin was down 1.10% to $70,098.61.
Additionally, the cryptocurrency has a massive $1.38 trillion market valuation. In the meantime, trading volume fell to $39.72 billion, a 25.44% decline. Moreover, well-known cryptocurrency analyst Ali Martinez offered his perspective on the matter.
In a post on X, he emphasized the importance of the TD Sequential, a technical analysis indicator renowned for forecasting market-turning events. “On the one-hour chart, the TD Sequential has correctly anticipated the bitcoin price movement. It now displays a buy signal, indicating that $BTC is expected to rise.
Based on this purchase signal, Martinez’s analysis indicates that Bitcoin may be ready for a rebound despite the recent decline. Furthermore, a similar tendency of recovery has already been noted. The TD Sequential indicator is a common tool used by traders to spot possible price moves and trend reversals. When this indicator shows a buy signal, the market will likely become more confident, which could lead to higher prices.
