Bitcoin (BTC) Whales Accumulate $2.9 Billion in Single Day Surge: Unprecedented Crypto Market Activity

• Large cryptocurrency holders, known as whales, have accumulated nearly 47,000 Bitcoins in the past day, worth around $2.9 billion, according to data from on-chain analytics firm CryptoQuant.
• The whale accumulation occurred after a recent price dip that saw Bitcoin’s price drop from over $60,000 to just below the $57,000 mark before it quickly started recovering.
• Some institutions may be among those buying the dip, as BNP Paribas, the second-largest bank in Europe, has gained exposure to Bitcoin via a spot exchange-traded fund.

Whales accumulate 47,000 Bitcoins in a day following a price dip, with institutions like BNP Paribas gaining exposure to Bitcoin via a spot exchange-traded fund.

Whales Accumulate 47,000 Bitcoins

According to data from on-chain analytics firm CryptoQuant, large cryptocurrency holders, known as whales, have accumulated nearly 47,000 Bitcoins in the past day, worth around $2.9 billion. This surge in whale balances was shared by the company’s founder and CEO Ki Young Ju, who stated that “we’re entering a new era” as a result.

Bitcoin Price Dip and Recovery

The whale accumulation came after a recent price dip that saw Bitcoin’s price plunge from over $60,000 to a low just below the $57,000 mark. However, the cryptocurrency quickly started recovering and has surged more than 4.5% over the last 24 hours to now trade at $61,700.

Institutions Buying the Dip

As reported by CoinOtag, some institutions may be among those buying the dip. BNP Paribas, the second-largest bank in Europe, has gained exposure to the flagship cryptocurrency Bitcoin via a sp... Read the full article for FREE at COINOTAG!