Bitcoin Whales Buy the Dip as BTC Slips Below $70k

Over the weekend, bitcoin’s value slumped from over $71,000 to a depth of $67,700. This price drop paved the way for some whales to acquire the leading cryptocurrency.

According to on-chain data that the blockchain analytics platform Lookonchain shared via X, five whales bought 2,780 BTC (worth $192.4 million) since November 1st.

Whales Accumulate BTC

These whale accounts withdrew their BTC stash from Binance and moved it to other bitcoin wallets. Such asset movement from crypto exchanges indicates that the user is transitioning to self-custody. This method of storage aims to boost privacy and independence, as well as reduce the immediate sell pressure.

One user moved 880 BTC when the leading crypto asset sold for $69,500, bringing their current bitcoin holdings to 1,381 BTC (worth $95.12 million). Another whale migrated 615 BTC (worth $41.7 million) when the cryptocurrency exchanged hands at about $67,700.

The third whale withdrew 595 BTC (worth $41.38 million) from Binance, while the fourth moved 550 BTC (worth $38.68 million) from the largest exchange to an external wallet address when BTC sold for $70,300. The fifth investor withdrew 140 BTC (worth $9.48 million) when the leading crypto traded around $67,700.

Potential Driver Behind the Big Buy

Ideally, investors accumulate a particular crypto asset when they believe its value will appreciate over time. In the latest case, whales believe that BTC prices will soar. One factor that may drive this potential price growth is tomorrow’s presidential election in the United States.

Anticipation of the election has contributed to bitcoin’s recent price surge to its peak value of $73,600. Most crypto community members are enthusiastic that the Republican aspirant Donald Trump will win the election. This is likely a result of Trump’s consistent pledges to aid bitcoin adoption in the country if elected.

On the other hand, some support the Democrat candidate Kamala Harris, who promised pro-crypto regulations.

Regardless of how things play out, several bitcoiners are airing their ideas as to how the leading crypto asset’s price will move. At the time of writing, BTC exchanged hands with $68,600.