Bitcoin Whales Spotted Buying $3.3 Billion BTC as Prices Hit 30-Day Low

Bitcoin price tumbled toward $64,000 on June 18, it’s lowest in over 30 days, but on-chain data shows that BTC largest whale cohorts spent billions of dollars buying the dip. Here’s what to expect as the week unfolds. 

Bitcoin price retests $64,000 as bears take charge

On Tuesday June 18, 2024, Bitcoin price tumbled as low as $65,047, sparking ripples of intense volatility across the crypto market. The price dip can be attributed to bearish retail traders reacting to the US Fed’s decision not to cut interest rate in H1 2024, as widely-anticipated by market analysts earlier in the year.

More so, with the S&P 500, DOW Jones and other mega cap risk assets surging in the recent weeks, some crypto investors have opted to redirect capital towards those markets. In effect, BTC price has struggled for traction since the June 12 Fed rate announcement.

The chart above shows how BTC price slid to a 24-hour bottom of $64,047 on June 18, bringing it 7-day timeframe losses to the 11% mark. But having failed to break below the $64,000 support with two audacious attempts in the last 48-hours, Bitcoin bulls appear to be dead-set on avoiding further downside.

Meanwhile on-chain data also shows that whale investors have been capitalizing on the price dip to acquire large amounts of BTC. This move could potentially spark an accelerate Bitcoin price breakout during the next bullish market phase.

In an indication of whales’ buying trends, Santiment chart below monitors real-time changes in balances held by wallets with at least 1,000 BTC.

Looking closely at the chart above, the aforementioned Bitcoin whale wallets held 3.06 million BTC as of June 7, 2024. But while Bitcoin price descended into double-digit correction phase since then, the whales have taken advantage to buy the dip in large amounts.

At the time of writing on June 17, the whales now hold a cumulative balance of 3.11 million BTC. Effectively, the whales have acquired 50,000 BTC, valued at approximately $3.3 billion in the last 10 trading days from June 7 to June 18.

When whale investors stage such a massive accumulation frenzy during a market correction phase, it can be interpreted as a long-term bullish signal for a few reasons.

First, whales often have access to sophisticated market information. Hence, their confidence in acquiring large amounts of Bitcoin indicates a strong conviction of imminent positive developments on the horizon.

Second, whales are known to have a long-term investment appetite. Hence, the $3.3 billion accumulation could reduces the short-term circulating supply of Bitcoin. And this could potentially create intense upward pressure on prices when the market sentiment flips bullish again.

In effect, the whale $3.3 billion acquisition is like to help BTC price avoid a major downswing below the $65,000 psychological support in the week ahead.