Amid macroeconomic concerns and a hawkish stance from Fed officials, large Bitcoin whales accumulated $971 million worth of BTC in the past 24 hours despite a drop in trading volumes across exchanges.
According to on-chain data platform Santiment, wallets holding 1k-10k BTC acquired over 15,000 BTC, showcasing confidence in whales despite BTC dropping to $62,000. This whale accumulation is pivotal in maintaining a bullish sentiment in the crypto market.
Meanwhile, Boston Fed president Susan Collins mentioned a longer-than-expected timeline to tackle inflation, advocating for slower economic growth, contrasting with dovish remarks from Fed Chair Jerome Powell.
Bitcoin’s price hovered around $62,000, influenced by profit-taking and long position liquidations, while meme tokens like dogwifhat (WIF) and Pepe Coin (PEPE) gained leverage, leading to mixed forecasts from analysts as Bitcoin remained near $62,269.
Bitcoin whales’ $971 million accumulation amid market downturns reflects strong confidence, suggesting a positive outlook for the crypto market despite macroeconomic concerns and Fed’s hawkish stance.
Also Read: Bitcoin Whales Accumulated 47,500 BTC Worth $2.8B in 24 Hrs
