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Big Players on Stage for Bitcoin: 28 Thousand Pieces Arrived! - Coin Bulletin
While the downward trend in Bitcoin price has continued since the weekend, major players have stepped in and used this process to increase their Bitcoin holdings.
According to data shared by CryptoQuant, while Bitcoin retreated from $98,850 to $95,000, major players took action and withdrew over 28,000 Bitcoins to their wallets with OTC (over-the-counter) transactions. This situation indicates that despite the price decrease, institutional and major investors' interest in Bitcoin continues.
While the pullback in the price of Bitcoin creates uncertainty for retail investors, whales and institutional investors continue to take advantage of this opportunity and accumulate Bitcoin through non-market transactions. According to CryptoQuant's analysis, large-scale Bitcoin transfers are often carried out in anticipation of higher prices in the future.
Even though the price of Bitcoin has pulled back, aggressive buying by large investors signals a recovery in the market. Such large purchases made when the market retreats strengthen investors' expectations of a recovery.
These purchases by whales are usually made for long-term positions and can have a positive impact on price by constraining supply. Following the recent large Bitcoin inflows, the market appears to be entering a short-term recovery phase with this news