Crypto: Bitcoin Whales Took Advantage Of $60k Price Dip, Scooping Up 40k BTC

Whale and institutional demand for Bitcoin show signs of a comeback, but downside risks remain as analysts expect BTC price to retest $66,000 support.

Bitcoin (BTC) rebounded 17% to trade near $70,000 on Monday, from its 15-month low below $60,000, as whales took advantage of discounted prices to accumulate.

Large investors have bought the dip to $60,000, adding at least 40,000 BTC.

Bitcoin’s downside risks remain as buyers fail to push the price above $72,000.

Market participants have observed deliberate posturing by whales, with analysis suggesting they played an important role in the latest BTC price recovery.

Whales have been accumulating massive amounts of Bitcoin during the recent drop, accumulating about 40,000 BTC, according to Glassnode.

Related: What crashed Bitcoin? Three theories behind BTC's trip below $60K

The chart below reveals that addresses holding 1,000-10,000 BTC have added 22,000 BTC since Friday, while those with 10,000-100,000 BTC acquired about 18,000 BTC over the same period.

The accumulation by whales was followed by Bitcoin’s 20% rebound to $72,000 from its 15-month low below $60,000 reached on Friday.

Bitcoin’s recovery was also fueled by buying from Binance’s Secure Asset Fund for Users (SAFU), which has added another 4,225 BTC worth $300 million.

Source: CoinTelegraph