Crypto whales accumulated 5,900 BTC worth $397 million from CEXs including Binance and Bitfinex amid the price drop.
BTC’s trading volume surged by 65%, signaling higher participation from traders and investors.Following this incident, BTC was trading near the $66,520 level and experienced a 4.6% price drop in the last 24 hours. Amid this price drop, participation from investors and traders surged by 65%, signaling potential “buy the dip” activity.Additionally, whales and institutions took this price drop as an opportunity and accumulated a significant amount of BTC.
Meanwhile, the other three whales, which are likely to be one entity, withdrew 1,400 BTC worth $94 million from Bitfinex at an average of $67,185. However, to experience upside momentum, it will be necessary for BTC to give a breakout of this downside channel pattern and a strong daily candle closing above the $71,800 mark.In the last seven days, two major liquidation levels were observed near the $70,330 level on the higher side and $63,800 on the lower side.
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