Bitcoin Whales Defy Market Downturn: 46 Investors Accumulate Over 1,000 BTC Each in Two Weeks

Key Takeaways

• Bitcoin whales are accumulating BTC amidst market volatility.
• The BlackRock iShares spot Bitcoin exchange-traded fund (IBIT) has seen a surge in inflows.
• Bitfinex whales are adjusting their strategies to navigate market fluctuations.

Since the approval of the spot Bitcoin ETF earlier this month, Bitcoin has experienced significant selling pressure, resulting in a 20% price drop.

Consequently, the BTC price plummeted to $39,000 earlier this week. Despite ongoing selling pressure, Bitcoin whales have been actively purchasing during these dips.

Bitcoin Whales Unfazed by Volatility, Continue Buying

In the current market correction, crypto analyst Ali Martinez has observed  a notable trend: Bitcoin whales are undeterred by the volatility and are actively increasing their BTC holdings.

Martinez’s analysis reveals a significant development in the crypto sphere, with an influx of 46 new entities, each holding over 1,000 BTC. This marks a 3% rise in the number of major Bitcoin holders in just two weeks, highlighting the resilience and strategic actions of these whales amidst market uncertainties.

BlackRock’s IBIT ETF Sees $42 Billion Inflows

The BlackRock iShares spot Bitcoin exchange-traded fund (IBIT) has experienced a remarkable influx of nearly $42 billion since its launch, as reported  by Rachel Aguirre, Head of iShares Products for BlackRock in the U.S.

The IBIT ETF witnessed a significant increase  in trading volume within its first two weeks, hitting $3 billion and demonstrating its strong impact on the market. This surge in inflows reflects a growing interest among investors in cryptocurrency-related investment products, potentially laying a foundation for a long-term BTC price rally.

Adding to this, Martinez has analyzed historical Bitcoin trends, suggesting that if current market trends follow past patterns seen from 2015-2018 and 2018-2022, the next Bitcoin market peak could potentially occur around October 2025

Martinez’s compelling forecast suggests that BTC could experience around 600 days of bullish momentum ahead, based on his analysis.

Bitfinex Whales Adjusting Strategies Amid Bitcoin’s Price Fluctuations

Recent analysis from Datamish  has shed light on the intriguing behavior of Bitfinex whales, particularly their ongoing pattern of closing long positions. A notable decrease of 3,500 BTC in early December brought the total to 76,500 BTC.

Despite Bitcoin’s rollercoaster ride, reaching a high of $49,000 and then dropping below $39,000, significant shifts have been observed. On January 14, long positions hit a low at approximately 68,000 BTC, but soon saw a revival with an increase of about 6,000 BTC, raising the total to over 74,000 BTC by January 25.

Alistair Milne highlighted  the whales’ strategic approach on January 23. They have been implementing a time-weighted average price (TWAP) strategy, involving the purchase of 10 Bitcoins on margin every 15 minutes.

This method, commonly used in financial markets, aims to reduce the market impact of large orders by distributing a big order into smaller ones over time.

These strategic maneuvers suggest a deliberate strategy employed by Bitfinex whales, which may have an impact on the movements of the Bitcoin market.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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