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Bitcoin Whales Back in Action, Did Robinhood Buy $3B Worth of BTC?

A secret Bitcoin wallet that purchased over 43 billion worth of BTC reportedly belongs to Robinhood. BTC still shows weakness on chats.
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Bitcoin Whales Back in Action, Did Robinhood Buy $3B Worth of BTC?

On Wednesday, August 23, the BTC price jumped back to $26,700 in a recovery move after last week’s Bitcoin collapse. However, it has retraced partially and is currently trading at $26,399 with a market cap of $513 billion.

On-chain data shows some optimism with Bitcoin whales back in action after dumping last week. On-chain data provider Santiment explains that Bitcoin surged to a peak of $26.8K on Wednesday as significant whale and shark addresses are once more increasing their holdings. Among the 156,660 wallets holding 10 to 10,000 BTC, they’ve gathered a total of $308.6 million since August 17th.

Courtesy: Santiment

On the other hand, some reports suggested that Robinhood has been accumulating $3 billion worth of Bitcoins over the last 3 months. A secret wallet has accumulated this quantity which analysts believe belongs to Robinhood.

Although Robinhood’s intentions for the substantial Bitcoin holdings remain uncertain, this finding underscores the company’s strong interest in the digital asset sector. Robinhood has been actively striving to attract more cryptocurrency investors to its platform. This revelation is likely to generate increased attention from the crypto community.

Bitcoin Price Surge: A Dead Cat Bounce or Recovery?

It’s too early to say whether Bitcoin is changing course after Wednesday’s price bounce. While the Bitcoin whales have resumed accumulation, short-term holders have been offloading heavily over the last week.

Also, the Bitcoin price momentum looks overall bearish on the technical charts. The recent rejection at this level, combined with the 50-day moving average around a similar price, has triggered a notable downward movement. Bitcoin (BTC) has breached the crucial 200-day moving average, situated around the $28,000 mark. This holds significant trend information, and a dip below this level suggests a possible shift towards bearish sentiment.

Although the RSI indicator has rebounded from oversold territory, it remains below the 50% threshold. This implies that while the current price is moving within a range, the overall momentum is still leaning towards bearish sentiment. As a result, there’s a likelihood that the market might test the $25,000 zone once again in the near future.

Crypto analyst IncomeSharks further warned that Bitcoin should form three green candles. Only then, we can confirm the price recovery.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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