Crypto Whale Accumulations Drive Swift Market Recovery, Say Analysts
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Bitcoin (BTC), Ethereum (ETH), and the broader crypto market have notably recovered following a recent market meltdown. After dipping to the $49,000 level, Bitcoin is now trading at $57,375, and Ethereum has regained its footing at $2,519 after plunging to $2,100.
Data from Santiment revealed that large-scale investors, or whales, have been accumulating these crypto assets, driving the rebound over the past 30 hours. On-chain data from CryptoQuant shows 404,000 Bitcoins moved to permanent holder addresses in the past 30 days.
Ki Young Ju, CEO of CryptoQuant, noted significant inflows of 40,000 Bitcoin to US spot exchange-traded funds (ETFs). He indicated that these actions clearly suggest accumulation by new whales. Additionally, there has been an absence of major selling activity by long-term holders, who instead transferred their holdings to new whales.
Despite bullish sentiments, potential macroeconomic risks could lead to forced sell-offs. Analysts pointed out large deposits by firms like Jump Trading as examples of this risk. Still, the overall market sentiment remains positive.
Juan Pellicer, Senior Researcher at IntoTheBlock, highlighted a net inflow of stablecoins to exchanges, indicating that investors are looking to purchase assets. A CoinGecko report emphasized that the recent market crash was less severe than past corrections, like the one during COVID-19.
Source: beincrypto.com ↗
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