Analysts: Bitcoin Whales are Behind the Recent Market Rally

• Bitcoin whales’ actions are driving the recent Bitcoin price surge.
• Purple Whales purchased over $50 million worth of Bitcoin assets.
• US may approve its first Spot Bitcoin Exchange Trust Fund by 2024.

Buffinton from the Altcoin Buzz YouTube channel has highlighted that several analysts attribute the recent Bitcoin price surge to the actions of Bitcoin whales. He referenced Material Indicators, a renowned provider of cryptocurrency market data, who pinpointed the decision of a prominent Bitcoin whale, known as Purple Whales, to transform a $20 million Bitcoin bid ladder into market orders as the catalyst for the recent price rally.

The analytics platform, Material’s Indicator, highlighted that Purple Whales didn’t halt their activity but purchased over $50 million worth of assets. The market intelligence service also spotted a Brown Whale entering the Bitcoin buying trend with a hefty $2 million order, as evidenced on the FireCharts CVD.

Buffinton has been closely monitoring the recent notable fluctuations in Bitcoin’s value. The prominent crypto analyst, known for his YouTube presentations, highlighted Bitcoin’s surge from a low of $28,700 to a high of $30,200 before stabilizing at a key level of $29,800. However, he postulates that a further decline to the $29,250 mark, followed by a rebound, could signal a more bullish trend for the leading digital currency.

Buffinton also cited the final remarks from Market Indicators, attributing the price retracement to profit-realization by early investors who entered at lower levels. He suggested that potential investors seeking a position in the crypto market should exercise patience and wait for the market volatility to subside.

The host of Altcoin Buzz underscored the possibility of the United States greenlighting its inaugural Spot Bitcoin Exchange Trust Fund (ETF) before February 2024. Buffinton referenced Mike Novogratz, the chief executive officer of Galaxy Digital, who mentioned insiders at BlackRock and Invesco. According to Buffinton, Novogratz emphasized the significance of this development in the crypto industry.

Novogratz is banking on insider information from BlackRock and Invesco, who believe that the approval of the ETF is now a question of ‘when’ rather than ‘if’, with the furthest timeline being six months. Buffinton states that Novogratz’s Digital Galaxy is among the numerous potential candidates for a Bitcoin ETF slot.

Buffinton anticipates that the competition for market dominance among these players could stimulate higher demand for Bitcoin, creating a favorable environment for the anticipated bullish trend.