Previously intimidated by crypto wallets and private keys, this cohort can easily trade Bitcoins on an exchange now, just like any other asset.
According to on-chain analytics firm IntoTheBlock, whale investors have been on an accumulation spree since the start of 2024. Unfazed by pullbacks and a slightly longer bearish phase after the ETF approval, these influential market players have shown confidence in Bitcoin’s long-term potential.that the trend would continue as more hedge funds and financial advisors were likely to scoop Bitcoins in the upcoming quarter.AMBCrypto examined Santiment’s whale transactions data since the start of the year and spotted some interesting trends.
As evident, Bitcoin corrected sharply after the ETF approvals, casting doubts in the minds of many novice investors. However, whales sprung into action, utilizing the dip to add to their stashes.that most market analysts expect Bitcoin to pump significantly in the medium to long-term because of the spot ETFs’ impact.Another evidence of whales’ bullish sentiment was reflected in the long positions taken by them.
He noted that the king coin might correct significantly, potentially dropping between $48K and $46.5k if it doesn’t quickly reclaim $52K.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.