Whales Amass 47K BTC as Bitcoin Enters New Era

Bitcoin whales, or large holders of BTC, have started accumulating the cryptocurrency following a price dip after the halving. These whales have bought over 47,000 BTC in 24 hours, worth about $2.9 billion. This trend indicates a new era in Bitcoin accumulation. The chart excludes wallets related to centralized exchanges and mining firms, but includes spot Bitcoin exchange-traded funds (ETFs). The recent spike in accumulation is not ETF-related.

Spot Bitcoin ETF inflows have turned negative, with over $871 million of net outflows recorded this week. This is the largest week of outflows since the launch of the 11 U.S. Bitcoin ETFs. Despite this, there is hope that Bitcoin’s price can close the week above $60,000, which would establish this level as new support. This is considered a bullish signal by Bitcoin analyst Rekt Capital.

Based on historical chart patterns, Bitcoin may remain in the post-halving “danger zone” for another week. This means that continued downside below the Re-Accumulation Range Low would not be surprising. The dovish stance of the Federal Reserve could provide more upside momentum for Bitcoin. The Fed’s injection of liquidity into the economy has improved overall market sentiment.

It is important for Bitcoin traders to monitor the $60,000 mark closely. If the price moves below this level, it could trigger liquidation of over $700 million worth of leveraged long positions across all exchanges. This information emphasizes the significance of this price level in the market.