Bitcoin Whale Snaps Up $16 Million Worth of BTC Following Price Crash

Are Bitcoin whales actually going on a buying spree?

According to analytics company Lookonchain, a major Bitcoin whale has managed to accumulate $16 million worth of Bitcoin (BTC) again after the market experienced a severe drop. 

This is the third time that the whale in question has gone on a significant accumulation spree, according to the firm.

Overall, they have managed to accumulate $59 million since the start of December. 

Earlier today, CryptoQuant CEO Ki Young Ju revealed that new Bitcoin whales now hold 9% of Bitcoin’s total circulation supply, amounting to a whopping $1.8 million BTC. 

However, according to IntoTheBlock, Bitcoin whales are yet to start buying en masse despite the significant price correction that took place over the weekend. 

At press time, the largest cryptocurrency is trading at $64,157, according to CoinGecko data. The price of Bitcoin is down more than 11% over the past week alone. 

Ethereum whales join the fray   

On top of that, two more whales have managed to accumulate a large amount of Ethereum, the second-largest cryptocurrency by market capitalization, according to Lookonchain. In sum, the two investors withdrew almost $80 million from OKX and Binance. 

The latest accumulation spree coincides with the approval of spot Bitcoin (BTC) and Ethereum (ETH). However, Eric Balchunas, Bloomberg’s senior ETF analyst, predicted that these ETFs would attract relatively low inflows due to the small size of Hong Kong’s ETF market and high fees. 

Spot Ethereum ETFs might be also approved by the US SEC in the near future, but such a scenario remains highly unlikely. 

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