Bitcoin Whales Accumulating BTC On Every Dip, Aiming to Push the Price Below $50,000

As the Bitcoin price continues to trade under selling pressure, calls for sub $50,000 BTC levels have been growing in the market.

Bitcoin price has shown some resilience this week despite the broader market sell-off. However, some traders still believe that BTC could drop to $46,000 or even lower levels before the next leg up.

Bitcoin whales accumulate huge amounts of Bitcoin every time the price drops

A newly identified BTC whale has withdrawn a total of 1,145 Bitcoins from cryptocurrency exchange Binance over the past four days, worth a total of $65.1 million, according to the latest data from Spot On Chain. The data shows that the Bitcoin whale has been buying every price drop, accumulating BTC across seven separate transactions at an average price of $56,841 per BTC. Therefore, whales appear to be taking full advantage of the current BTC price drop.

A new whale has withdrawn 1,145 $BTC ($65.1M) from #Binance, spanning the past 4 days.

This whale appears to have accumulated a large amount of #Bitcoin as the price dropped, accumulating 1,145 $BTC across 7 transactions at an average price of $56,841 ($65.1 million).

Do whales continue to accumulate or sell $BTC… pic.twitter.com/CaNzbW1E9Y

— Spot On Chain (@spotonchain) September 6, 2024

While small traders lost patience and dumped their BTC as the price dropped, large whales have been actively accumulating during this period. Even as BTC prices fell below $50,000 in early August, Bitcoin whales accumulated more than $7.8 billion worth of BTC over the past month, according to cryptocurrency analytics platform Santiment. Earlier this week, Santiment wrote:

“Addresses holding 10-10K BTC have added a cumulative 133.3K more BTC to their wallets over the past month, while small traders continue to impatiently reduce their holdings to them.”

Interestingly, this accumulation by Bitcoin whales occurs as the market looks forward to the release of US Non-Farm Payrolls (NFP) data. The Fed's decision to cut rates next will largely depend on these NFP numbers as U.S. employment declines to 2021 lows. Despite optimistic expectations that the Federal Reserve will cut interest rates, as of now, the possibility of a U.S. economic recession has not been completely eliminated.

In addition to Bitcoin whales, Bitcoin miners are also accumulating their BTC, with Riot Platforms announcing a key milestone of holding over 10,000 Bitcoins.

Riot produced 322 #Bitcoins in August 2024 and holds over 10,000 Bitcoins.

“In August, Riot mined 322 Bitcoins and continues to implement our unique power strategy to ensure we optimize our energy costs while delivering more power to the grid during peak demand periods…

— Riot Platforms, Inc. (@RiotPlatforms) September 5, 2024

Bitcoin price rises below $50,000 ahead of US jobs data

With Bitcoin price currently hovering around $56,700, there have been recent calls for another 12-15% correction. In a message on the , because I’m an addict.”

Another veteran trader, Peter Brand, predicted that BTC price will fall to $46,000, pointing to an “inverted expanding triangle” or “megaphone” pattern on the chart.

It will be interesting to see if the continued accumulation of Bitcoin whales can thwart this Exodus prophecy.

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