• BTC’s exchange reserve was increasing at press time. 
• Bitcoin’s derivatives metrics also gave a bearish notion. 

After a comfortable week-long bull rally, Bitcoin’s [BTC] growth momentum declined. This was evident from the fact that BTC’s price only moved marginally over the last 24 hours. However, the whales showcased immense confidence in BTC as they continued to stockpile coins.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin whales are confident

According to CoinMarketCap, Bitcoin managed to increase its price by more than 13% over the last seven days. This gave investors hope for a further rise in its price. However, the reality turned out to be different, as in the last 24 hours, BTC’s growth rate declined.

In fact, BTC’s price moved by less than 1% over the past day. At the time of writing, it was trading at $34,096.52 with a market capitalization of over $665 billion.

Though BTC’s growth slowed down, the whales had faith in the king of cryptos. Ali, a popular crypto analyst, recently posted a tweet revealing how whales were behaving in the past.

As per the tweet, whales bought BTC worth more than $1 billion in just the last five days, reflecting their confidence in the coin.

#Bitcoin whales have purchased over 30,000 $BTC within the last five days, worth nearly $1 billion!

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Author: Dipayan Mitra

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