Following rumors of the potential approval of an exchange-traded fund (ETF), Bitcoin’s price has hit an all-time high of $73,737. While the momentum wasn’t enough for the leading cryptocurrency to reach a novel record price, BTC still managed to break above $70,000 for the first time in over a month.
Bitcoin’s price soon corrected and is currently trading below $70,000 despite the SEC’s final approval of the ETH ETF. However, the latest news on the chain suggests that the BTC price may return to upward movement sooner rather than later.
Can whale activity influence the BTC price rebound?
In recent write to X platform, popular cryptocurrency expert Ali Martinez said there has been significant buying activity among a certain class of immense investors in recent days. This on-chain discovery is based on Santiment’s whale balance, which tracks the total number of coins held by whales ranging from 1,000 to 10,000 BTC.
According to Santiment data, this class of immense Bitcoin holders has purchased over 20,000 BTC (equivalent to a whopping $1.34 billion) in the last day. This recent acquisition brings the balance of this whale class to a whopping 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 intriguing considering that it occurred after Bitcoin’s price dropped back to $67,000. Notably, Martinez stated in his post that these whales are “buying the dip,” which is a term used to describe purchasing activity after an asset price declines.
Moreover, this recent buying by whales could be a signal that immense holders and immense players may know something about BTC’s future price trajectory. As such, investors may want to pay attention to further moves as they may lead to speculation and potential market changes.
Moreover, whales are often seen as key players in the cryptocurrency market because their buying and selling activities can influence the price of the digital asset. Given its size, the latest purchase could be a bullish support for the price of the top cryptocurrency.
Bitcoin price at a glance
At the time of writing, Bitcoin is trading at around $68,917, reflecting just a 1% gain over the past day. However, on a weekly basis, the most essential cryptocurrency is in a better position and is up 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
