Large cryptocurrency holders have begun buying bitcoins.
Over the past week, whales purchased 53,000 bitcoins — their largest accumulation since November. Owners of wallets holding more than 1,000 BTC invested over $4 billion in acquiring BTC, while smaller market participants remained largely inactive.
The overall picture looks less optimistic to experts. Excluding transactions involving crypto exchanges and exchange-traded funds (ETFs), large holders more often sold bitcoins than bought them. Since mid-December, the total volume of their net sales has exceeded 170,000 BTC.
Currently, new demand is virtually absent, Bloomberg writes. Exchange-traded funds are showing little activity as their clients are still incurring losses. Corporate buyers are also in no hurry to return to the market, Glassnode specialists note.
The current cautious recovery is noticeably different from previous periods of rapid growth, as recent purchases cannot offset the prior decline, experts interviewed by the news agency point out.
“When this storm settles, we will buy again — after selling at the end of last year. But for now, the clouds have not cleared,” crypto investor Bruno Ver shared with Bloomberg.
According to analysts from another blockchain company, CryptoQuant, during the crypto market downturn whales accumulated 67,000 bitcoins worth $4.5 billion at the exchange rate as of February 11.
Earlier, experts from the investment company Bernstein stated that by the end of the year bitcoin would be worth $150,000 — as the bear cycle is expected to end soon.
See also: "Polymarket users are betting on Ethereum’s decline by the end of February."
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