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As the US Bitcoin ETF faces outflows amid recent bearish BTC price trends, crypto whales have been actively purchasing during the dip, while investors are also showing interest in a new meme coin called Pepe Unchained (PEPU).
On Monday, Bitcoin ETFs recorded their largest outflow in two months, according to data from The Block.
These outflows contributed to pushing the Bitcoin price down to the $55,000s in the early hours of Wednesday.
However, BTC has since recovered to above $58,000, potentially aided by dip buying from Bitcoin whales.
On-chain crypto analyst Lookonchain shared on X about a wallet that acquired 545 BTC on Wednesday during the price decline.
A whale purchased 545 $BTC ($30.82M) again after the $BTC price fell!
This whale has acquired 862 $BTC ($49M) from the bottom at an average price of $56,993 over the past three days.
Address:
bc1qg32kay34ma85prkvxwtx3gxlm9w5yaeffz8djs pic.twitter.com/qu2eesnqMk— Lookonchain (@lookonchain) September 4, 2024
This whale has now accumulated 862 BTC in just the last three days.
Another wallet, known among some X users as “Mr 100” due to its consistent purchases of BTC in increments of 100, has also continued to build its holdings.
The wallet currently contains 72,726 BTC, with some speculating it may belong to an exchange.
Mr. 100 just keeps on acquiring $BTC.
He bought 300 more $BTC yesterday and now holds 72,627 Bitcoin.
Do you think Mr. 100 could be an exchange? pic.twitter.com/Oz2NrTAwg3— Lark Davis (@TheCryptoLark) September 2, 2024
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Bitcoin on the Brink of a Rebound as Whales Accumulate?
Bitcoin may be on the cusp of a new rebound towards the $70,000 range.
The Federal Reserve is set to begin reducing interest rates, and pro-crypto Republican Presidential nominee Donald Trump is currently favored to win the upcoming November US Presidential election.
Trump’s odds continue to improve.
He’s now up by 7%. pic.twitter.com/z9Qz7JFMoQ— Polymarket (@Polymarket) September 4, 2024
Both factors could serve as significant positive catalysts for Bitcoin, provided the US economy does not enter a recession, which many are concerned about.
While Bitcoin could potentially double in value within the next year, a new meme coin named Pepe Unchained appears to have even greater potential.
This likely explains why whales are also gravitating towards it, with its presale raising an impressive nearly $12 million.
Cryptonews.com’s in-house presale analyst Chester provides investors with all the necessary information about Pepe Unchained in the video below.
Visit Pepe Unchained Here
The post Crypto Whales Buy Bitcoin During The Dip And This New Meme Coin appeared first on Cryptonews.
