June 4, 2024
Bitcoin News

Whales Scoop Up $1.34 Billion in Bitcoin Dip

In a dramatic turn of events, Bitcoin, the world’s flagship cryptocurrency, experienced a significant dip in value over the last 24 hours. According to a recent tweet by crypto analyst and trader Ali Martinez, Bitcoin plunged by 4.20%, falling from $69,920 to $66,980. However, a rebound followed, lifting the digital asset by 1.70% to $68,180 on the Bitstamp exchange at the time of writing.

Whales Take Advantage of Bitcoin Dip

The decline in Bitcoin’s value prompted immediate action from large Bitcoin holders, known in the crypto community as whales. As Bitcoin’s price dropped below the $67,000 mark, these major players seized the opportunity to buy the dip. In total, whales purchased 20,000 BTC, an amount valued at a staggering $1.34 billion in fiat currency.

Market Context and Expert Opinions

This Bitcoin price dip coincided with the recent approval of Ethereum spot ETFs by the Securities and Exchange Commission (SEC) on Thursday. The Ethereum exchange-traded funds were approved half a year after the spot Bitcoin ETFs received the regulatory green light in January. Despite this approval, experts predict that the demand for the spot Ethereum ETFs will not be as strong as for the Bitcoin exchange-traded products.

In summary, while Bitcoin faced a brief setback, the swift actions of whales indicate continued confidence in the digital currency’s potential. As the market adjusts to new regulatory developments, the actions of these significant investors will likely influence future price movements.

Image by Upl56 on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Alex Labs Unveils Post-Breach Recovery Plan

Chloe Taylor

Rapid Bitcoin ETF Updates Amidst SEC Interaction

Kevin Wilson

Spot Bitcoin ETFs: Exhausting Bitcoin’s Entire Supply?

Robert Paul

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.