Large Bitcoin whales amassed $971 million worth of BTC in the past 24 hours despite a decline in trading volumes across exchanges due to macroeconomic worries and hawkish remarks from Fed officials.
Despite Bitcoin’s decline to $62,000, wallets with 1–10,000 BTC have amassed over 15,000 BTC, according to on-chain data provider Santiment. This indicates that whales are still trusted.
The continuation of a strong feeling in the cryptocurrencycurrency market depends heavily on this whale accumulation.
Profit-taking and long position liquidations caused Bitcoin’s price to drift about $62,000, and meme tokens like dogwifhat (WIF) and Pepe Coin (PEPE) gained traction. This caused analysts to provide varied estimates while Bitcoin stayed close to $62,269.
In opposition to Fed Chair Jerome Powell’s dovish comments, Boston Fed President Susan Collins called for a slower rate of economic growth and a longer than anticipated timetable to combat inflation.
The $971 million that cryptocurrencycurrency whales have amassed during market downturns is indicative of their high confidence and suggests that the cryptocurrency market will continue to grow despite macroeconomic worries and the Fed’s aggressive outlook.
Also read: Bitcoin Whale Suddenly Wakes Up After 10 Years, Transfer $43 Million
