Recent market activity indicates that crypto whales are aggressively purchasing Bitcoin (BTC), potentially signaling a market recovery. This week, Spot On Chain highlighted a significant transaction involving a substantial withdrawal by a crypto whale, who moved nearly $55.09 million worth of BTC from Binance.
This activity is part of a larger trend, with crypto whales withdrawing over 4,014 BTC valued at more than $227.7 million in just a week. Notable withdrawals include 1,110 BTC by whale 1KuPi and 1,381 BTC by whale bc1qg.
These movements coincided with an 11% drop in Bitcoin’s value last week due to a surge in outflows from US Bitcoin-exchange traded funds. Bitcoin traded as low as $52,550 but has since rebounded by around 4%, now hovering near $55,000.
Economic indicators, including lower-than-expected US non-farm payroll data, have influenced the market sentiment. Experts speculate that the Federal Reserve might cut rates by 50 basis points to mitigate further economic damage.
Former BitMEX CEO Arthur Hayes and other investors have capitalized on the market recovery by closing their short positions, reinforcing the potential for a market rebound.
