Utilizing the Large Holders Inflow, which racks the funds going into addresses belonging to whales, it was confirmed on June 15 that crypto intelligence platform IntoTheBlock spotted the largest inflow since February as 116,000 Bitcoins were bought, according to data published by the platform on June 16, 2022. Notably, the 116,000 BTC inflow may indicate that Bitcoin’s prices may be close to reaching a bottom since large buyers at these levels often make large purchases after a significant price decline. The platform stated:
Bitcoin whales awakened
In the event that the whales have, in fact, awoken from their “winter slumber,” this may signal the end of the crypto winter as well as the fact that the price of Bitcoin has reached its nadir. Crypto Rover tweeted on June 15, “Bitcoin whales sell into strength and buy into weakness.” It’s worth mentioning that Bitcoin has returned above $21,000, although the sentiment in the market still remains bearish. Interestingly, Bloomberg’s Senior Commodity Strategist Mike McGlone has stated that Bitcoin hitting $20,000 is the new $5,000; he opined: What’s more, Finbold reported back in April that the number of Bitcoin whales had fallen around 5% in just four days which suggests a further price decrease could have been imminent. Additionally, it was revealed on April 4 that 16 Bitcoin whales had sold or reallocated their Bitcoin within that week. At around this moment in time, Bitcoin lacked the backing of whales, which was necessary to maintain an upward trend. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
