$BTC
Bitcoin price has dropped for four consecutive weeks and is hovering near its lowest level this year. It was trading at $68,245 on Wednesday, down substantially from its all-time high of $126,300 as demand waned. However, there are signs that whales have started buying, a sign of increased accumulation.
Bitcoin whales have started buying
BTC price continued its strong downward trend in the past few months, a trend that may reverse soon as whales start buying.
Data shows that whales bought 53,000 coins, currently worth over $3.65 billion last week. It was the biggest whale purchase since November last year. Wallets holding over 1,000 coins added coins worth $4 billion as the coin’s crash gained steam.
Still, analysts recommend caution in the crypto market as these whales have sold over 170,000 coins since December last year.