Bitcoin Surges Above $68,000 as Whales Resume Buying
Bitcoin has broken above $68,000 for the first time since June after large holders resumed buying. The cryptocurrency gained about 5% in 24 hours to trade at $68,458, according to CoinGecko. This move came as lower Treasury yields and renewed accumulation by whales offered support to Bitcoin.
Data from CryptoQuant suggests that large holders have started buying again, with over 43,000 tokens accumulated worth approximately $2.75 billion in the past 60 days. Smaller holders, known as dolphins, have also increased their balances.
According to Glassnode's Sean Rose, the data shows 'renewed buying across all cohorts since late July.' The trend could provide a signal that larger investors are finding current prices attractive after the prolonged decline. BlackRock has maintained its longer-term Bitcoin investment thesis despite the cryptocurrency's steep decline and continued outflows from spot Bitcoin exchange-traded funds.