According to the cryptocurrency analyst at this backdrop, Ali Martinez, Bitcoin’s latest market volatility has triggered increased transactional activity among the big Bitcoin investors, commonly called ‘whales.’
Recently, in his tweet, the analyst and trader Ali Martinez announced that the Bitcoin whales, as large holders of BTC in the cryptosphere, are taking advantage of the present bear manipulation of BTC.
Still, using the data collected by CoinMarketCap, it is possible to report that during the analyzed period, Bitcoin has decreased by 4. of the past 24 hours from $69,920 to $66,980, which reflects a drop by more than 20%. It is, however, closely correlated with IT and infrastructure skills and has recently risen by 1 percent. Its current value stands at about seventy percent of its face value and is currently priced at approximately $68,500.
Whales Capitalize on Bitcoin Dip, Acquiring $1.34 Billion Worth
Apt whales have bought BTC at a lower price, below the $67,000 mark, to now hold around 20,000 BTC. So when with this heavy investment in the number one digital currency, fiat money involved amounts to an astounding $1. 34 billion.
The recent decline in the Bitcoin price was observed when the Securities and Exchange Commission (SEC) approved the Ethereum spot ETFs on Thursday. In particular, these Ethereum exchange-traded funds were allowed six months after the January authorization of spot Bitcoin ETFs.
This latest activity from whales serves as a reminder of their decisive bearing and contribution to the cryptocurrency market. Being major players, their actions or trades in terms of price can manipulate the market in favor of Bitcoin and other digital currencies or for their benefit.
