Whales Hoard $3B in Bitcoin as Analysts Warn of More Pain Ahead
Bitcoin whales have been buying up BTC in large quantities over the past week, accumulating $3 billion worth of cryptocurrency. According to data from Santiment Intelligence, these large investors have purchased more than 39,150 BTC in just seven days.
This surge in whale activity has led some analysts to believe that the recent rally may not be over yet. However, others are warning that the bear market is far from over and that prices could still fall further.
Rekt Capital warned earlier that Bitcoin's real test begins after a strong weekly close, and if the latest surge is ultimately a bear-market relief rally, the cryptocurrency could pull back in the following few weeks. Crypto Haris presented an even more bearish scenario, predicting that BTC will first fall to $62,000 before eventually pumping to $90,000.
The recent surge was driven primarily by whales and ETF buyers, who poured over $920 million into Bitcoin funds in the past week. In contrast, retail investors have been mostly selling, with further on-chain data suggesting they have actually been unloading their BTC holdings.