Following rumors of a potential Ethereum spot exchange-traded fund (ETF) approval, the Bitcoin price made a run at its current all-time high of $73,737. While the momentum was not sufficient to push the premier cryptocurrency to a new record price, BTC still managed to cross the $70,000 level for the first time in over a month.
Bitcoin’s price soon experienced a correction and currently sits below $70,000 despite the SEC’s eventual approval of the ETH ETF. However, the latest on-chain revelation suggests that the BTC price might resume its upward movement sooner rather than later.
Can Whale Activity Drive BTC’s Price Recovery?
In a recent post on the X platform, popular crypto pundit Ali Martinez shared that there has been significant buying activity amongst a certain class of large investors in recent days. This on-chain revelation is based on Santiment’s Balance of Whales, which tracks the total number of coins owned by whales holding between 1,000 and 10,000 BTC.
According to data from Santiment, this class of large Bitcoin holders have bought more than 20,000 BTC (equivalent to a massive $1.34 billion) in the past day. This recent acquisition brings the balance of this class of whales to a whopping total of 4.96 million BTC.
A chart showing BTC price and balance of whales holding between 1,000 and 10,000 BTC | Source: Ali_charts/X
The timing of this purchase is interesting, considering its occurrence after the Bitcoin price dropped back to $67,000. Notably, Martinez said in his post that these whales are “buying the dip,” a term used to describe purchasing activity after an asset experiences a fall in price.
What’s more, this recent purchase by the whales might be a signal that the large holders and big players might know something about the BTC future price trajectory. As such, investors might want to keep an eye out for further movements, as they can lead to speculations and potential market shifts.
Moreover, whales are often perceived as key players in the crypto market, as their buying and selling activities can impact the price of digital assets. Considering its magnitude, the recent purchase might be a bullish proponent for the price of the premier cryptocurrency.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin stands around $68,917, reflecting a mere 1% increase in the past day. On the weekly timeframe, though, the premier cryptocurrency holds a better position and is up by 3%.
The price of BTC breaks above the $69,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView
