Whale Bitcoin In Action, Nyerok 47,000 BTC In A Day

Whale Bitcoin started buying BTC. (Photo; Doc. UseTheBitcoin)

JAKARTA - The large number of Bitcoin holders, often referred to as whales, seem not afraid to face the declining crypto market in recent days. Instead, they took advantage of the moment of falling prices as a golden opportunity to add to the coffers of their digital assets.

A recent report from Ki Young Ju, CEO of CryptoQuant, highlights an interesting phenomenon in which whales have amassed as many as 47,000 BTC, whose value reaches more than US$2.8 billion (around Rp.45.024 trillion) in just 24 hours. This accumulated wave is interpreted as a sign of the start of a new chapter in cryptocurrency history.

The massive accumulation by whales indicates an increasing confidence in the future of Bitcoin, especially among institutional investors and entities with abundant assets.

According to CryptoQuant founders, the wallets involved in this accumulation are mostly custodial wallets, which include exchange-traded funds (ETF). However, he stressed that the recent spike was not directly related to the ETF.

This change of attitude is evident when long-term Bitcoin whales, who have previously enjoyed an increasing profit that has not been realized, especially when the price of Bitcoin is above $ 60,000, seem not yet willing to disburse their assets. This shows that they are still optimistic and choose to keep their investments.

This phenomenon is in line with the increase in Bitcoin's inflow to the exchange exchange, which is dominated by whale activity. This had led to a decline in prices in the market in general.

However, following the latest accumulated action from whales, the price of Bitcoin has surged by more than 6%, successfully breaking back to the $62,000 mark on Friday, sparking a rally that provides a little relief to the market.

One of the whales known for the nickname 'Mr. 100' has made massive purchases, acquiring more than 4,100 BTC worth more than $242 million at a price of about $58,000 on May 2. This marks the wallet's first Bitcoin purchase transaction since April 19, just before the Bitcoin block reward cut event, known as halving', in 2024.