Las 'ballenas' del bitcoin retornan azuzadas por la caída de precios

Bitcoin's "whales," or large holders, are making a strong comeback in the market as the cryptocurrency plunges to 2024 levels. These investors, known in crypto circles as "whales," have been aggressively purchasing bitcoins, accumulating 43,000 coins at an average price of $2,750 each (equivalent to $2.326 billion or €2.326 billion) over the past 60 days.

This data, provided by CryptoQuant, excludes exchanges and mining groups. The figure is reached after more than three months of repurchases worth billions, coinciding with Bitcoin's price hitting a low of $60,000 in May, after which it dropped 20% before settling at October 2024 levels.

Experts believe the whales' purchases have driven a 10% increase in Bitcoin's value since their lows. The return of these investors is often seen as a positive signal for smaller retail investors looking to open or expand their positions. Glassnode, a data analytics firm, reports that "dolphins," investors with smaller positions, have also returned and significantly increased their purchases by hundreds of millions of dollars.

This trend shows a reacceleration in buying across all investor groups, according to Sean Rose of Glassnode.

The news is particularly significant as it comes after a sharp drop and the mass exit of retail investors, as seen in ETF flows referencing Bitcoin. Moreover, Bitcoin's largest holder, Strategy, paused its selling after two weeks of transactions, disposing of 3,928 bitcoins to support its buyback programs. In 2024 so far, Strategy has sold 6,948 bitcoins.

The halt in Strategy's sales is notable as the company abandoned its rule of never selling bitcoins. Nevertheless, experts point out that most whales are staunch supporters of Bitcoin and its role in markets and society, thus they tend to hold their positions for extended periods.

While strategists caution that the whale support is fundamental to Bitcoin's price, suggesting an immediate bullish scenario is premature, even if Bitcoin falls another 30% from its January highs of $97,750 and 50% from its October all-time high of $125,260. ETF outflows, as reported by Bloomberg, have reached almost $400 million in the past week, the largest outflow in six weeks.

Volatility is currently favorable for investors, though it does not guarantee the market's next move. For instance, Bitcoin has rebounded over 20% and recovered to $70,000 after aggressive short-covering triggered by U.S. President Donald Trump's meeting with top crypto exchange executives. To maintain these prices, eToro believes there must be volume and improved flows into ETFs for a substantial upward swing in the market's near-term outlook.