Bitcoin

April

Parallel

<p>While Bitcoin prices struggle for momentum and are caged inside a narrow range, on-chain data tells a different story. Taking to X, one analyst&nbsp;<a class="editor-rtfLink" href="https://twitter.com/AxelAdlerJr/status/1783693811606061104" target="_blank" rel="noopener nofollow">notes</a> that whales, which are large crypto holders, are actively accumulating the world’s largest coin by market cap.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-605317" src="https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645" alt="BTC whales accumulating | Source: Analyst via X" width="1024" height="645" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMD0ELiWUAA7Tpx.jpg?resize=1024%2C645?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="bitcoin-whales-accumulating-despite-weakness">Bitcoin Whales Accumulating Despite Weakness</h2> 
<p>By the time this data was shared, Bitcoin whales held over 5.1 million BTC worth a staggering $331 billion. That there is still demand when the coin moves in a narrow range flies in the face of recent market weakness and skeptics betting on even more price dumps.</p> 
<p>Currently, Bitcoin is inside a range, with caps at $73,800 and $60,000. Despite overall market confidence, the coin has failed to pull higher, breaking above $70,000 even after Halving on April 20. Even though prices are firm, the absence of follow-through after April 21 and 22 hints at weakness.</p> <a href="https://www.tradingview.com/x/UZoBqK2e/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/UZoBqK2e/" alt="Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1787" height="904"></a> 
<p>From the BTCUSDT price chart, the coin could explode should it break above the middle BB. If the leg up is accompanied by positive fundamental events, momentum could push the coin to all-time highs.</p> 
<p>On the flip side, BTC is likely to slip even lower should sellers flow back. The sharp rejection of bulls on April 24 is bearish. As such, this might set a wave of lower lows in motion, taking the coin below April 2023 lows.</p> 
<h2 id="traders-panicked-sold-register-huge-losses">Traders Panicked Sold, Register Huge Losses</h2> 
<p>Parallel market data&nbsp;<a class="editor-rtfLink" href="https://twitter.com/AxelAdlerJr/status/1783713537820406207" target="_blank" rel="noopener nofollow">shows</a> panic sellers on Binance and OKX, two major crypto exchanges by trading volumes, have dumped a combined 5,137 BTC at a loss over the past two weeks. As data shows, prices have been weaving lower during this time, with bulls failing to counter the dump, especially after two&nbsp;consecutive losses on April 12 and 13.</p> 
<p>Meanwhile, there have been sharp outflows from ARKB, the spot Bitcoin exchange-traded fund (ETF). <a href="https://twitter.com/thomas_fahrer/status/1783638083998748712" target="_blank" rel="noopener nofollow">Data</a> shows that ARKB sold 490 BTC, worth $31 million, on April 25. This is the third-largest single-day outflow in history.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-605314" src="https://www.newsbtc.com/wp-content/uploads/2024/04/GMDBDhOaQAAGCIt.png?resize=651%2C457" alt="ARKB outflows | Source: Analyst via X" width="651" height="457" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/GMDBDhOaQAAGCIt.png?resize=651%2C457?w=651 651w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMDBDhOaQAAGCIt.png?resize=651%2C457?w=460 460w" sizes="(max-width: 651px) 100vw, 651px" data-recalc-dims="1"> 
<p>Recent price pressures on BTC coincide with a marked drop in spot ETF inflows in the second half of April. On April 25, Lookonchain&nbsp;<a class="editor-rtfLink" href="https://twitter.com/lookonchain/status/1783519791967572046" target="_blank" rel="noopener nofollow">data</a>&nbsp;revealed that GBTC and all the nine spot ETF issuers decreased over 2,100 BTC worth roughly $135 million.</p>

Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?

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