Bitcoin Whales Scoop Up $1.2 Billion Worth of BTC During Price Dip, Prompting Rapid Recovery

During the early Friday sell-off in the crypto markets, large bitcoin (BTC) investors significantly increased their holdings as prices dipped below $60,000. According to data from blockchain analytics firm IntoTheBlock, Bitcoin addresses holding at least 0.1% of the supply added 19,760 BTC, valued at over $1.2 billion, to their holdings on Friday at an average price of $62,500.

Whale Activity Signals Shift in Market Sentiment Amid Bitcoin Volatility

These large holders, often referred to as whales, are influential market players capable of impacting market movements due to the size of their holdings. The recent accumulation by whales indicates a change in behavior compared to earlier in the week when they did not capitalize on market weakness, sparking concerns about further downside.

Bitcoin Rebounds Amidst Geopolitical Tensions and Whales' Accumulation

The purchases likely contributed to bitcoin's sharp rebound past $65,000 from overnight lows of $59,600, which occurred amidst geopolitical tensions as Israel carried out airstrikes in Iran. Notably, the recovery was partly driven by spot BTC buyers, according to prominent crypto trader Skew. At the time of reporting, BTC was trading around $64,000, up 1% over the past 24 hours.

Zooming out, BTC has been consolidating in recent weeks after reaching record-breaking prices last month, ahead of its scheduled four-year halving event on April 20 (UTC). This event will halve the reward for miners, reducing the issuance of new tokens into circulation.

Bitcoin Finds Support at $60,000 Amidst Mixed Trading Signals

The price bounced from around the $60,000 area after multiple sell-offs during the week, indicating a significant support level where buyers are stepping in to capitalize on lower prices. While some sellers appear to be derisking, there has also been opportunistic buying between $60,000-62,000 levels, according to Coinbase Institutional research analyst David Han. This directional uncertainty reflects bitcoin's dual role as both a risk and a safe-haven asset.