Bitcoin: 2,000 BTC Accumulated In 4 Days By Whales

While Bitcoin struggles to regain its momentum, whales, those large crypto holders, continue to accumulate relentlessly. This strategy allows them to take advantage of the current market situation, often to their own benefit. Despite the price drop, these giants’ appetite does not wane, thus jeopardizing market stability. A closer look at the recent activity of these major players and its potential consequences.

The insatiable appetite of Bitcoin whales, the race for half a billion

Bitcoin whales are fearless to the point of massively accumulating BTC at every opportunity. This was the case in April. Far from being discouraged by market turbulence, they take advantage of dips to fill their coffers.

A striking example is that of a Bitcoin whale who, in the span of just four days, acquired 2,000 additional BTC, bringing their treasure to 8,559 BTC, nearly $490 million.

Looks like the big players are accumulating.

A whale has purchased 1,000 #Bitcoin worth $57.3 million on Binance today.

In the last 4 days, this same person accumulated 2,000 BTC, bringing their total holdings to 8,559 BTC valued at $490 million. pic.twitter.com/w8uqNezCbg

— Ted (@TedPillows) September 2, 2024

• On September 1, 1,000 more BTC were purchased on Binance for $57.3 million;
• A week earlier, the same whale had already grabbed 1,000 BTC during another price drop, bringing its total to 7,559 BTC.

The accumulation by these giants contrasts with the movements of small investors who step aside in the face of market uncertainties. A winning strategy for Bitcoin whales who, by playing with fluctuations, manage to maximize their profits while maintaining downward pressure on the market, a formidable tactic that leaves small players puzzled.

A latent threat to the stability of the crypto market

The behavior of whales is not without consequence for the entire crypto market. Each massive accumulation of BTC by these giants can be followed by an equally colossal sale, creating significant volatility. 

Recent history has shown this well: between June and July, a series of sales orchestrated by this same whale – 7,790 BTC in total – contributed to a price plunge, installing a lasting bearish trend.

Bitfinex analysts are moreover pessimistic, predicting a potential Bitcoin drop of up to 20% due to uncertainties related to future decisions by the Federal Reserve.

If a rate cut could indeed give a temporary boost to Bitcoin, the risk of a sharp correction is never far away, especially if whales suddenly decide to unload their assets.

The strategy of whales, which consists of accumulating and then selling massively, threatens market stability. When they cash in their profits, a BTC drop is to be feared, even if it is often short-lived.