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Bitcoin Whales Absorb 24,000 BTC in Past 24 Hours - What's Happening?

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Fri, 24/05/2024 - 16:08
Bitcoin Whales Absorb 24,000 BTC in Past 24 Hours - What's Happening?
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According to a recent tweet published by crypto analyst and trader Ali Martinez, large Bitcoin holders known in the crypto community as whales have decided to take advantage of the current BTC dip.

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Over the last 24 hours, the world’s flagship cryptocurrency plunged by 4.20%, dropping from $69,920 to the $66,980 price mark. However, a rebound that followed took it back up 1.70%. At the time of this writing, digital gold changes hands at $68,180 on the Bitstamp exchange.

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It was while Bitcoin dropped below the $67,000 level that whales decided to buy the dip and scooped up as much as 20,000 BTC. This amount of the leading digital currency is valued at a staggering $1.34 billion in fiat.

Bitcoin price plunge coincided with the approval of the Ethereum spot ETFs issued by the Securities and Exchange Commission on Thursday. These Ethereum exchange-traded funds got approved half a year later after the spot Bitcoin ETFs (they got a green light by the regulator in January).

However, experts believe that the demand on the spot Ethereum ETFs will be not as strong as for the Bitcoin exchange-traded product.

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