Bitcoin Price Rally Fueled by Whales’ $1.6B Buy, Blockchain Data Shows

Read the full article by Muyao Shen Here

But why the whales made their buys on an exchange instead of an over-the-counter desk remains unclear.

Bitcoin whales have allegedly been the ones behind Wednesday’s price increase. This is based on off of data that has shown large bitcoin purchases on exchanges during early U.S trading days.

The article stated that whales have bought approximately $1.6 billion worth of Bitcoin in just a few minutes on centralized exchanges.

“According to South Korea-based blockchain data firm CryptoQuant, someone or a group of people purchased the massive amount of bitcoin on the spot market on centralized exchanges between 13:11 and 13:16 UTC Wednesday.”

“It’s rare to see BTC in the top 5% of crypto asset performers in any given 24 hours,” digital asset prime broker Genesis wrote in its newsletter on Wednesday. “Given that BTC is for many large institutions the ‘onramp,’... this further supports the conclusion that this runup is institution-driven.” (Genesis is owned by Digital Currency Group, which also owns CoinDesk.)