Bitcoin’s price has been experiencing fluctuations in recent days, and today the cryptocurrency market is seeing a decline. Bitcoin, which is the largest cryptocurrency in the world, has dropped significantly to $60,650, marking its lowest point in recent times.
Despite the price drop, Bitcoin whales, referring to large holders of the cryptocurrency, are taking advantage of the situation by accumulating more tokens in their portfolios. According to an analysis by the Santiment platform, these whales have reached the highest level of retention in two weeks. In the last 24 hours, wallets holding between 1,000 and 10,000 bitcoins collectively accumulated around $941 million worth of coins.
The recent movements of these whales have caught the attention of analysts from the IntoTheBlock platform, who suggest that their convictions may be weakening. While whales have been accumulating tokens in recent months, especially during price declines, it is noted that each accumulation spike is smaller than the previous one. This could indicate that whales have less appetite to buy the dip.
At the time of publication, the Bitcoin price stands at $60,990.48, showing a 2.1% drop in the last 24 hours.
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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