Bitcoin Whales Take Home $614M as Crypto Market Sees Consolidation
Bitcoin whales took home over $614 million in profits as the cryptocurrency held steady around $78,400. Meanwhile, Ripple (XRP) dropped to $1.41 after a recent rally. BlackRock's Bitcoin ETF saw significant inflows of over $5 billion in private exchanges, indicating strong institutional demand that is offsetting whale selling.
The market is showing signs of technical consolidation, with retail profit-taking balanced by large institutional purchases. This trend suggests a shift towards sustained institutional involvement in the crypto market. In related news, Bernstein raised its long-term price forecast for Bitcoin to $150,000 by 2027 and $300,000 by 2029, citing sovereign debt pressures.
Bitcoin may dip to long-term support levels before the 2026 U.S. midterm elections, following historical election patterns. Historically, Bitcoin declined in the three months leading up to the last three U.S. midterms.