Bitcoin prices may be struggling to gain momentum or are stuck in a tight range but on-chain information tells another story. Taking to X: one analyst notes Whales are crypto investors who are active in accumulating world’s biggest coin by market capital.
Bitcoin Whales Accumulate Despite Weakness
Bitcoin whales had over 5.1 Million BTC, worth an astonishing $331 Billion by the time these data were shared. It is surprising that demand exists when Bitcoin moves only in one narrow band, especially in light of the recent weakness in the market and the bets by skeptics on further price drop.
Bitcoin currently is within a narrow range with peaks at $73,800 or $60,000. The coin, despite the overall confidence in the market, has not been able to break above $70,000 even after the April 20 halving. The prices may be firm but the lack of movement after April 22 and 23 suggests weakness.
The BTCUSDT chart shows that the coin will explode if it breaks above the middle BB. Momentum could be used to push the coin up all time highs if positive fundamentals are present.
If sellers return, BTC could fall even further. This sharp rejection by bulls of April 24 was bearish. The coin could be pushed below the April 2023 lows by this wave.
Traders Panicked Sold, Register Huge Losses
Parallel market data shows Binance and OKX are two of the largest crypto exchanges in terms of trading volume. Over the last two weeks, panic sellers have sold a total 5,137 BTC for a loss. Data shows that prices were slipping lower over this period, but bulls have failed to offset the decline, especially two weeks after. Losses on 12th and 13th April.
ARKB, a Bitcoin spot exchange-traded Fund (ETF), has experienced a large outflow. Data This shows that ARKB bought 490 BTC worth $31 Million on April 25, 2019. Here is the The third largest single-day withdrawal in history.
![ARKB outflows | Source: Analyst via X](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/Bitcoin-Under-Pressure-But-Whales-Hold-Over-331-Billion-Of.png)
The recent price pressures for BTC are accompanied by a significant drop in ETF spot inflows during the second half April. Lookonchain published its April 25th report. data GBTC and the nine ETFs with spot ETFs have all decreased their BTC by more than 2,100 BTC. This is worth approximately $135 million.
Chart from TradingView, Featured image by Shutterstock
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