Bitcoin whales are not withdrawing from the market and are continuing to exploit the pump by buying every dip. The recent drop towards $60,000 has seen these immense investors gobble up BTC at an alarming rate, with their daily spending reaching into the billions of dollars.

Bitcoin Whales are buying $6.3 billion worth of BTC

In a stunning revelation, the co-founder of Bitcoin-based Apollo, Thomas Fahrer, revealed that Bitcoin whales are rapidly buying up tokens as prices fall. More specifically, what caught Fahrer’s attention was the daily expenses of these whales.

A report shared by the founder shows that while smaller investors were selling, Bitcoin whales were buying up billions of dollars worth of coins. Within 24 hours, these whales with over 1,000 BTC in their account accumulated 8,953 BTC, worth $6.3 billion at the time. This further increases their weekly accumulation number, which stands at 12,058 BTC, which is almost $9 billion in BTC value purchased in one week.

Whales raised a total of $6.3 billion #Bitcoin Yesterday.

So come on, admit it. Who sells? pic.twitter.com/3dLD2BI89L

—Thomas | heyapollo.com (@thomas_fahrer) May 22, 2024

This accumulation trend comes in airy of smaller investors selling their tokens. For example, Fahrer’s screenshot shows that Sharks, i.e. investors with 100 to 1,000 BTC on their balances, sold 6,746 BTC worth approximately $5 billion in one day.

Other significant sellers include crabs, i.e. investors holding 1-10 BTC, selling 1,074 BTC in the same period. Shrimp – Investors holding 0-1 BTC were also caught selling, with a total of 591 BTC sold. While Fish investors, holding 10-100 BTC, only sold 95 BTC in one day.

The inflow of these investors shows that BTC is flowing from smaller investors towards larger investors, which is confident due to the price. The same goes for the weekly time frame where Shrimps sold 2,079 BTC, Crabs sold 5,748 BTC, Fish sold 1,155 BTC while Sharks bought 60 BTC, with Bitcoin whales buying the majority at 12,085 BTC.

Time to buy

Many cryptocurrency analysts have called for buying, and it looks like Bitcoin whales are following that advice. One analyst who has been vocal that it’s time to buy is Ali Martinez, who shared an fascinating pattern on the Bitcoin chart.

Martinez pointed out that TD Sequential, which had previously predicted Bitcoin’s price movement, flashed a buy signal. The level at which this analyst provided a buy signal was around $69,500 and the BTC price has since rebounded above $70,000, suggesting that the buy signal was correct.

TD Sequential predicted accurately #Bitcoin price action on the one-hour chart. Now it presents a buy signal, pending $BTC it will bounce back! pic.twitter.com/6ImRkREPVW

— Ali (@ali_charts) May 21, 2024

If TD Sequential continues like the last time it appeared, then the current price rally could see Bitcoin reach a novel all-time high above $74,000, as it last saw a move of almost 15%. But for now, Bitcoin bulls are struggling to maintain their position above $70,000, with a gain of 12.22% in the last week.

Featured image created with Dall.E, chart from Tradingview.com