NewsletterCrypto Whales Accumulating Bitcoin Amid FTX Crash: Analysis
FTX Crash: Sam Bankman-Fried’s FTX triggered collapse has left the digital asset market red. Bitcoin (BTC) and Ethereum (ETH) prices have suffered a decline of over 15% due to the fall of the FTX. However, experts have found out that crypto whales are accumulating BTC amid this crash.
FTX crash helping whales to add more
According to Dan Lim, an analyst at CryptoQuant stated that after the FTX crash, the exchange reserve of Bitcoin has dropped significantly. He highlighted that it has been due to anxiety about exchange debacles. The current global economic situation has also worsened.
Due to recent conditions, most traders and investors are predicting a market decline in the short-term as well as the mid term.
The FTX triggered collapse went to vanish more than $100 billion from the crypto market. The total market capitalization now stands at $847 billion.
As per the data, the whales have been buying Bitcoin amid the market crisis. He hinted that whales accumulating Bitcoin for a long time. The decline in the BTC price is allowing them to add more.
Looking from per long term -perspective the crypto market and economic conditions are not looking good, mentions an expert. Whale going on the Bitcoin buying spree is a wise move in these conditions. However, he drops that it’s not advisable to buy Bitcoin here. Investors need to respond as per the conditions.
Whale holding on a peak
Bitcoin prices are down by 15% over the past 7 days. BTC is trading at an average price of $16,949, at the press time. Its 24 hour trading volume stands at $37.4 billion.
As per Glassnode, the shrimp (holding 1BTC) have added 33.7k BTC only this week. This has resulted in a 30 day increase of 51.4K Bitcoin. The increase in the level of balance inflow is the 2nd largest in history. It surpassed the peak of the 2017 bull market.
While the Crab (holding 1 and 10 BTC) showed a more aggressive approach. They bought 48.7K Bitcoin off exchanges. This approaches the acquisition rates in line with the 2017 bull market peak. Whales holding more than 10 BTC now command over 15.91 of the circulating supply.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Why Are Top Altcoins ADA, SOL, and ETH Down Today?
- Visa Begins Pilot Program For Direct USDC Payments For U.S. Businesses
- U.S. Government Shutdown Set to End as House Panel Approves Senate Funding Deal
- Analysts Eye FUNToken’s Giveaway as the Push It Needed to Break Out
- Ripple News: Evernorth Holdings Linked XRP Coins on Move, What’s Happening?
- Chainlink Price Targets $20 After Bitwise ETF Gets DTCC Approval
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
