Bitcoin Whales Hoard $941 Million BTC In 24 Hours As Prices Fall, What Does This Mean?

Bitcoin whales have started making substantial BTC buying moves, signaling market participants entering a re-accumulation phase.

According to a tweet from blockchain analytics platform Santiment, large investors with between 1,000 and 10,000 BTC collectively amassed more than $941 million of the asset in the past 24 hours.

Bitcoin whales hoard BTC

The amount of BTC whales accumulated in the past 24 hours increased their holdings by 15,121 BTC, bringing their collective stash to their highest level in two weeks. Santiment said this move signifies the whales’ confidence in the Bitcoin market.

The resurgence of BTC hoarding by whales comes after weeks of massive selling and profit taking. CryptoPotato reported in late April that chain analysts highlighted an increase in inflows to centralized crypto exchanges, dominated by Bitcoin whale assets. This was after market participants witnessed an increase in their unrealized profits following BTC’s rise above $60,000.

The cryptocurrency is currently hovering between $60,000 and $64,000 and has been trading within that level for weeks, presenting an opportunity for investors to buy the dip in anticipation of the peak of the bull cycle.

Bitcoin inflows seem to be on the rise

Santiment’s analysis aligns with that of other chain experts, who have stated that inflows into the Bitcoin network appear to be increasing. Last week, Bitcoin whales bought 47,000 BTC worth more than $2.8 billion in 24 hours. CryptoQuant CEO Ki Young Ju said the huge build-up signaled the start of a new era for the leading cryptocurrency.

Popular Bitcoin analyst Willy Woo recently said in an X post that BTC investors seem to be piling up the digital asset again; however, it may take a week to confirm the trend reversal correctly.

Earlier this week, analysts at cryptocurrency exchange Bitfinex said some on-chain metrics suggest selling pressure from BTC investors may be waning, indicating a price recovery could be in the offing on the horizon

Also, the US exchange-traded fund market is experiencing more positive flows than last week. While the market recorded only one day of tickets last week, it has recorded two this week.

The latest move by the Bitcoin whales signals the start of a post-halving rally phase, which is expected to last for weeks before the bulls take over.

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