Bitcoin Whales Bought $1.2 bn BTC
Bitcoin (BTC) investors increased their holdings as prices fell below $60,000, causing panic in the crypto markets. Blockchain analytics firm IntoTheBlock’s “large holder netflow” metric showed that Bitcoin addresses holding at least 0.1% of the supply added 19,760 BTC worth over $1.2 billion to their holdings on Friday at an average price of $62,500.
Large holders, also known as whales, are major market players who control large amounts of digital assets and can have a significant impact on markets. This recent action marks a significant change in whales’ behavior compared to earlier this week, prompting fears about further downsides.
The purchases may have fueled bitcoin’s sharp rebound past $65,000 from overnight lows of $59,600 as Israel carried out airstrikes in Iran. BTC has been consolidating for the past few weeks, cooling off from record-breaking prices ahead of its four-year halving scheduled for April 20.
(With inputs from Shikha Singh)
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