Bitcoin

<p>Bitcoin and other altcoins have recently experienced a downward spiral, raising concerns in the cryptocurrency market. However, despite this decline, some investors, particularly whales, see an opportunity and rush to accumulate these assets. This renewed interest in a challenging context raises questions about the long-term prospects of these leading cryptos. Let’s dive into the details of this intriguing trend.</p>
<h2 id="h-bitcoin-whales-on-the-prowl">Bitcoin Whales on the Prowl</h2>
<p>Bitcoin may be going through <a href="https://www.cointribune.com/en/bitcoin-is-not-out-of-the-woods-yet-another-fall-coming/" target="_blank" rel="noopener noreferrer nofollow">challenging times</a> right now, but the situation isn’t as dire as it seems. Recent on-chain data from <a href="https://cryptoquant.com/insights/quicktake/668b78b9840887109d1c250c-The-Largest-Bitcoin-Withdrawal-of-2024" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a> shows <strong>significant BTC accumulation by whales</strong>, those large investors who have a substantial influence on the market.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>The “exchange netflow,” a key indicator, reveals that Bitcoin outflows from exchange platforms have reached record levels in 2024. In fact, <strong>more than 46,000 BTC</strong>, or over 2.6 billion USD, have left exchanges, signaling a desire for long-term holding.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://join.swissborg.com/r/frederEZU5" target="_blank" rel="noopener noreferrer nofollow">Buy your crypto with Swissborg</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>This trend is interpreted as <strong>a potential bullish sign for Bitcoin</strong>. While most investors panic and sell, these whales seem to be betting on a future price increase.</p>
<p>Their strategy? <a href="https://www.cointribune.com/en/is-it-the-right-time-to-buy-bitcoin-2/" target="_blank" rel="noopener noreferrer nofollow">Bet on the long term</a> and avoid crypto market turbulence.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" src="https://img.cryptoquant.com/64430/quicktake/BGIgb5Hh_328614a45642ae7b05ecd4a2b0dceee5e38ccc26b3e897be70745661ab11f4c7.png" alt="flux-net-bitcoin-exchanges">
  <figcaption class="wp-element-caption">
   Bitcoin net flow on exchanges – Source: CryptoQuant
  </figcaption>
 </figure>
</div>
<h2 id="h-crypto-a-risk-reduction-strategy">Crypto: A Risk Reduction Strategy</h2>
<p>In addition to movements on spot exchanges, <strong>derivatives exchanges have also recorded massive BTC outflows</strong>. This phenomenon suggests that investors are trying to reduce their risk exposure.</p> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
 </div>
</div> 
<p>Unlike spot platforms, where deposits are often a prelude to sales, derivative outflows do not necessarily indicate an imminent sale.</p>
<p>On the contrary, <strong>whales might be transferring their assets to private wallets</strong>, anticipating price stabilization or future price increases.</p>
<p>Here is a key point to note: <strong>massive derivative outflows imply a reduction in risky positions</strong>, which could ease market volatility in the short term.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>This maneuver demonstrates a cautious strategy in the face of current uncertainties and might stabilize the market during periods of high fluctuation.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>
<p>The renewed interest of whales in Bitcoin, despite <a href="https://www.cointribune.com/en/bitcoin-heading-towards-50000-analysts-sound-the-alarm-bells/" target="_blank" rel="noopener noreferrer nofollow">its decline</a>, suggests intriguing prospects. If these large investors are betting on a future rise, it will be fascinating to see how the market evolves.</p>

Bitcoin: Whales are Accumulating Despite the Drop

Table of Contents

Cointribune EN

Other articles published on Jul 8, 2024

Metaplanet Invests Heavily in Bitcoin

German Football Team's Euro Cup Exit Linked to Bitcoin Sale

Ethereum Falls Below $3,000 Sparking Bull Run Concerns

Bitcoin (BTC) Price, Volume Contrasts In Fight For Rebound

Investment Bank Jefferies Highlighted Bitcoin Mining Profitability Rates in its Research Report! ...

Unstoppable Altcoins: Here are the Top Tokens Outperforming Despite The Bearish Market

Join our free newsletter for daily crypto updates!