Posted 1/29/2024, 1:48:01 PM
Bitcoin Whales Buy $3 Billion in BTC While ETF Launches Distract Retail
- Bitcoin whales have accumulated $3 billion in BTC while attention was on Bitcoin ETF launches
- Whales bought Bitcoin at discounted prices on Bitfinex exchange to boost their holdings
- This accumulation dwarfs the $744 million that has flowed into Bitcoin ETFs so far
- Whales may be accumulating ahead of the 2024 Bitcoin halving which will reduce mining rewards
- Large whale transactions can swing BTC price dramatically, posing risks for new Bitcoin ETFs