Many analysts are focusing on the bearish market decline as Bitcoin has failed to break above the $62,000 resistance level in recent times. However, several market whales are taking advantage of the market decline to accumulate money in the digital currency. At the time of writing, the price of Bitcoin is changing hands for $61,207.22, an increase of 0.31% in 24 hours. This discount has served as an important entry point for long-term buyers.
Many analysts are focusing on the bearish market decline as Bitcoin has failed to break above the $62,000 resistance level in recent times. However, several market whales are taking advantage of the market decline to accumulate money in the digital currency. At the time of writing, the price of Bitcoin is changing hands for $61,207.22, an increase of 0.31% in 24 hours. This discount has served as an important entry point for long-term buyers.
Godfrey BenjaminBased on this, data According to cryptocurrency analytics platform IntoTheBlock, despite market fear, uncertainty and uncertainty, the net inflow of money into the largest Bitcoin wallets reached its highest level since late May and set a new all-time high. The platform hinted that wallet addresses containing no less than 0.1% of the total Bitcoin supply have added 7,130 units of Bitcoin.
This huge BTC was valued at approximately $436 million and marks the whale volume for June 24 alone. This ongoing acquisition of Bitcoin by a large whale marks a much-needed vote of confidence for the digital currency. With this backing from large whales, price resilience is formed and could help trigger a rally in the asset’s price.
The Bitcoin ETF spot market also presents itself as a major dormant helix for the BTC price. So far this month, there has been a steady outflow of funds from these spot Bitcoin ETFs, driven by the exodus of capital from Grayscale and Fidelity Investments, among others.
Arman ShirinyanWhile Bitcoin determines the overall direction of the crypto industry, its current resistance could be complemented if the Ethereum spot ETF gains S-1 approval in the near term. VanEck has already filed Form 8-A regarding its ETH ETF product, implying that SEC approval for marketing is now one step closer.
Given that the approval of the Ethereum spot ETF in May triggered a market rally, there is an expectation that the news of the trading approval could bring about a similar outcome.
