Yuri Molchan
Bitcoin whales are buying the dip, according to a recent analytics report
According to a recent tweet published by crypto analyst and trader Ali Martinez, large Bitcoin holders known in the crypto community as whales have decided to take advantage of the current BTC dip.
Over the last 24 hours, the world’s flagship cryptocurrency plunged by 4.20%, dropping from $69,920 to the $66,980 price mark. However, a rebound that followed took it back up 1.70%. At the time of this writing, digital gold changes hands at $68,180 on the Bitstamp exchange.
It was while Bitcoin dropped below the $67,000 level that whales decided to buy the dip and scooped up as much as 20,000 BTC. This amount of the leading digital currency is valued at a staggering $1.34 billion in fiat.
Bitcoin price plunge coincided with the approval of the Ethereum spot ETFs issued by the Securities and Exchange Commission on Thursday. These Ethereum exchange-traded funds got approved half a year later after the spot Bitcoin ETFs (they got a green light by the regulator in January).
However, experts believe that the demand on the spot Ethereum ETFs will be not as strong as for the Bitcoin exchange-traded product.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.
