Bitcoin Whales Buy the Dip as BTC Slips Below $70K

Over the weekend, Bitcoin's price fell from over $71,000 to a low of $67,700, creating an opportunity for some whales to acquire the leading cryptocurrency. According to on-chain data from blockchain analytics platform Lookonchain, five whales purchased a total of 2,780 BTC, valued at approximately $192.4 million, since November 1st.

Whales Accumulate Bitcoin

These whale accounts withdrew their Bitcoin from Binance and transferred it to private wallets. Such movements typically indicate a shift towards self-custody, enhancing privacy and reducing immediate sell pressure.

• One user moved 880 BTC when the price was around $69,500, increasing their total holdings to 1,381 BTC (worth $95.12 million).
• Another whale transferred 615 BTC (valued at $41.7 million) when Bitcoin was trading at $67,700.
• A third whale withdrew 595 BTC (worth $41.38 million), while a fourth moved 550 BTC (valued at $38.68 million) when BTC was priced at $70,300.
• The fifth investor transferred 140 BTC (worth $9.48 million) during the dip at $67,700.

Market Sentiment and Future Predictions

Investors typically accumulate assets when they foresee future appreciation. In this case, whales appear to be optimistic about Bitcoin's price recovery. A significant factor contributing to this sentiment is the upcoming U.S. presidential election.

The anticipation surrounding the election has fueled Bitcoin's recent price surge, which peaked at $73,600. Many in the crypto community are hopeful for a victory by Republican candidate Donald Trump, who has consistently promised to support Bitcoin adoption if elected. Conversely, some are backing Democrat candidate Kamala Harris, who has advocated for pro-crypto regulations.

As the situation unfolds, Bitcoin enthusiasts are sharing their predictions on how the asset's price will react. At the time of writing, Bitcoin was trading at approximately $68,600.

The recent price dip has prompted significant whale activity, indicating confidence in Bitcoin's future performance amid the backdrop of the U.S. elections.