Is Whale Accumulation of Bitcoin (BTC) and Ethereum (ETH) Followed by a Dump Indicating the Start of a Bull Run?

Whales Seize Opportunity as Bitcoin and Ethereum Prices Drop

In response to the recent decline in the values of Bitcoin (BTC) and Ethereum (ETH), large investors known as whales have taken advantage of the situation and made strategic entries into the market. Interestingly, two prominent whales made significant purchases of BTC and ETH when the prices were at their lowest point.

Lookonchain, a reputable cryptocurrency analytics platform, provided insights into the activities of these strategic whales. In an initial tweet, Lookonchain highlighted the move of a Bitcoin whale, revealing that they withdrew a substantial amount of 700 BTC ($29.36 million) from Binance.

Furthermore, Lookonchain’s follow-up tweet focused on an astute whale’s acquisition of 3,600 ETH ($8.9 million) at a lower price. The tweet emphasized the whale’s expertise in buying ETH at discounted values, resulting in a current profit of approximately $25.8 million.

These strategic moves by cryptocurrency whales often indicate strong market sentiment and reflect the belief among experienced investors in the potential for quick recovery and upward momentum.

As of the latest update, Bitcoin’s current price stands at $41,214, reflecting a 2.97% decrease in the last 24 hours and a 9.69% drop in the last seven days. Similarly, Ethereum’s price is $2,480, showing a 1.22% decrease in the last 24 hours and a 4.70% decline in the last seven days.