"Wahhh there are so many purchases, it's like there's no tomorrow."
The price of Bitcoin (BTC) on Sunday yesterday rallied back to $70,312 as a whale buying the cryptocurrency massively saw an inflow of about 15,745 BTC worth $1 billion.
So here it can be seen that whales have influenced the crypto trend especially during the key period in the bullish cycle plus experts suggest that the decline in BTC price may spark new bullish activity before future climbs.
According to a crypto commentator on the X social media platform called MartyParty, whales who bought large amounts of BTC when the price was falling moved the digital asset out of OKX after BTC rose slightly.
Movement of BTC withdrawals from centralized exchanges indicates a higher push for the price to last longer while transfers to exchanges indicate further selling pressure BTC is easily sold on exchanges and held longer by other custodians.
It is also well known that the BTC whale has resumed activity shortly after a decade of inactivity, where it holding 1,701 BTC worth $155 million has transferred a total of 246 BTC to two different addresses.
Although the motive is still unknown, the approaching halving event has been questioned as it is seen as a bullish phase for BTC and it should be known that BTC miners also put back their holdings in the exchange and reserves before the halving occurs.
Additionally, the recent rise in BTC prices was also triggered by massive inflows following the approval of spot BTC ETFs by the Securities and Exchange Commission (SEC).
As of this writing, BTC price has jumped by 0.35% to $69,284 in the last 24 hours with a market cap of over $1 trillion but is still down 2.43% over the last week.
