Whales Accumulate $157.3M Worth of Bitcoin (BTC) After the Market Drop

Lookonchain reports that there has been a big increase in Bitcoin (BTC) following a major drop in the market last week. Starting on Sept. 1

Three crypto whales have collectively amassed 2,814 Bitcoin (BTC) following a major market drop last week, with the funds being withdrawn from Binance at an average purchase price of $55,887.

The three wallets, labeled "bc1qg," "bc1qd," and "36LMb," were created around a week ago and now hold a combined total of 2,814 BTC. The largest wallet contains 1,381 BTC, valued at around $76.28 million, while the other two wallets hold 433 BTC and 1,000 BTC, respectively, equating to roughly $23.92 million and $55.24 million.

According to Lookonchain, the whales began accumulating BTC on Sept. 1, following a significant market decline. During this period, BTC fell by 12% from its weekly high, dropping to $52,550 and impacting the broader cryptocurrency market.

The price decline resulted in a nearly 4% contraction in total market capitalization, equating to around $73 billion in losses. However, the market narrative shifted as Bitcoin rebounded slightly to $55,350 just days after the decline.

This begs the question: could these substantial whale purchases be a sign of a renewed bull market, or is it merely a brief "dead cat bounce" in the wake of the market's roller coaster ride?

While the precise next steps remain shrouded in uncertainty, the activities of these new crypto wallets are certainly值得关注的.

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