Bitcoin Whales Snap Up $636 Million Amid Market Rally

On Tuesday, May 21, Bitcoin (BTC) whales made significant purchases totaling $636 million as BTC prices surged past $71,500, driven by FOMO and growing optimism about Bitcoin's future.

Thomas Fahrer, co-founder of Apollo, highlighted that whales acquired 8,958 BTC in one day, adding up to 12,058 BTC for the week, valued at $840.32 million at current prices.

Despite this buying spree, Bitcoin’s price corrected to $69,000, possibly influenced by positive news around Ethereum ETFs and SEC regulatory developments.

Analysts remain optimistic about Bitcoin, pointing to strong technical indicators and substantial inflows into Spot Bitcoin ETFs. On Tuesday, Bitcoin ETFs saw an influx of $305.7 million, led by BlackRock’s IBIT. These investments have fueled whale activity, with further inflows expected to drive prices higher.

Despite the dip to $69,000, Bitcoin briefly rebounded above $70,000. As of Wednesday, May 22, BTC was priced at $70,098.61, down 1.10%, with a market cap of $1.38 trillion and a trading volume of $39.72 billion, a 25.44% decrease.

Crypto analyst Ali Martinez noted the TD Sequential indicator’s buy signal, suggesting a potential rebound. Known for predicting market reversals, this indicator has increased market confidence, hinting at a possible upward trend for Bitcoin despite recent volatility.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.