Donald Trump

Bitcoin

when

Bitcoin went through its largest correction since the Trump-induced rally began three weeks ago, plunging from almost $100,000 on Friday to under $92,000 earlier today.
While such a retracement could scare newer investors who have yet to realize BTC’s volatility, larger market participants, such as whales and sharks, continue their accumulation spree.
CryptoPotato <a href="https://cryptopotato.com/bitcoin-en-route-to-100k-ripple-explodes-66-weekly-cardano-eyes-1-this-weeks-crypto-recap/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> all the price developments around bitcoin ever since November 6 when it became known that Donald Trump will be the next US president. At the time, the largest cryptocurrency stood below $70,000 but went on a mindblowing rally that saw its price add over $30,000 in weeks to peak at just shy of $100,000 on Friday.
As the community was anticipating another minor push that could help BTC break into six-digit territory, the asset reversed its trajectory and started to lose traction.
It fell to $98,000 and $96,000 during the weekend, but the most substantial <a href="https://cryptopotato.com/bitcoin-dips-below-93k-after-45-rally-how-low-will-btc-go/" data-wpel-link="internal" rel="noopener noreferrer nofollow">correction</a> transpired at the start of the business week. Earlier today, BTC <a href="https://cryptopotato.com/200-billion-from-crypto-markets-as-bitcoin-btc-dumps-below-93k-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">slumped</a> to $91,500 (on Bitstamp), thus losing roughly eight grand since the Friday rejection.
Analysts are now <a href="https://cryptopotato.com/bitcoin-dumped-by-6k-daily-but-these-on-chain-metrics-suggest-bull-market-is-still-on/" data-wpel-link="internal" rel="noopener noreferrer nofollow">speculating</a> on whether the worst has passed, with some on-chain metrics indicating a potential further retracement in the short term but an overall continuation of the bull rally.
Nevertheless, data from Santiment shows that larger investors – referred to as whales and sharks – have been accumulating hard in November, adding over $6 billion worth of BTC to their stash. Consequently, the analytics platform concluded that there’s no need for panic yet.
<blockquote class="twitter-tweet">
 Is it time to panic after Bitcoin has opened the week with a mild retrace below $95K? Whales and sharks certainly don’t think so. In November alone, wallets with at least 10 BTC have now accumulated 63,922 more coins (worth $6.06B). As long as they continue moving their… <a href="https://t.co/6EVS9UtFtm" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/6EVS9UtFtm</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1861152412863795352?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 25, 2024</a>
</blockquote>
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The post <a href="https://cryptopotato.com/large-bitcoin-investors-unfazed-by-btcs-correction-as-whale-accumulation-continues-santiment/" rel="noopener noreferrer nofollow">Large Bitcoin Investors Unfazed by BTC’s Correction as Whale Accumulation Continues: Santiment</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Large Bitcoin Investors Unfazed by BTC’s Correction as Whale Accumulation Continues: Santiment

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