U.Today – According to the latest data from IntoTheBlock, BTC whales took advantage of the recent BTC price drop to significantly increase their holdings by 71,000 BTC this week. The Large Holders Netflow metric, which tracks the activity of investors holding more than 0.1% of Bitcoin’s total supply, shows significant accumulation by these large players.
Netflow metrics showed a large increase, equating to an addition of over 70,000 BTC, or more than $4.3 billion. This accumulation occurred as Bitcoin’s price plummeted to a low of $55,550. Given the timing, it seems likely that whales took advantage of the price drop to significantly increase their positions.
Following this accumulation, the price of BTC made a remarkable recovery, rising 10.3% to over $60,000 per BTC. This recovery highlights the influence of whale activity in the cryptocurrency market and how strategic moves by large holders can affect price trends.
The large holder net flow metric is a valuable indicator of large investor activity. A spike in this metric is usually a sign of buying, while a sharp drop indicates a reduction or sale of positions. This week’s spike in net flow coincided with the recent price drop, indicating that whales viewed the price drop as an opportunity to buy.
The accumulation and rebound in Bitcoin price raises the question: is this a sign of market manipulation by the most powerful organizations?
