Bitcoin big players raised $1.6 billion in BTC in 48 hours

Bitcoin major holders accumulated more than $1.6 billion in BTC tokens in 48 hours as the market continued to decline, creating a "buy on the dip" opportunity. Market analyst Ali Martinez drew attention to this accumulation wave in a recent X-Platform post. According to data from market intelligence resource Santiment, Martinez revealed that these large addresses purchased 30,000 BTC tokens during this period, worth approximately $1.62 billion.

The market watcher highlighted Bitcoin’s exchange outflows, which have seen a sharp uptick in recent times. Data from CryptoQuant confirms this trend. Notably, early last month, exchange outflows surged to 131,907 BTC, the highest figure since March 1.

However, as July progressed, outflows experienced a significant decline, which continued into August. Meanwhile, as the market's collapse continues, there are signs of recovery. The exchange recorded a staggering 89,378 BTC outflow on August 5 alone, when the BTC price dropped to $54,000. As of now, the total outflow from exchanges has reached 33,788 BTC.

Additionally, Bitcoin’s exchange reserves continue to decline due to increasing outflows. The supply of Bitcoin on exchanges has fallen to 2.687 million, the lowest level in years. This trend confirms the ongoing accumulation of large traders.

Interestingly, a recent report from IntoTheBlock further supports this pattern. The on-chain analytics resource revealed in a post today that large investors holding between 1,000 and 10,000 BTC tokens were buying the dip during Bitcoin’s recent crash.

This category of addresses has continued to increase its holdings since August 1 and now holds 4.79 million BTC. However, it is worth noting that small addresses holding less than 1 BTC continue to sell off their tokens. This contrast in investor behavior is typical during market declines.

However, most analysts view it as bullish. Notably, this pattern shows that less confident investors are leaving the market, giving more confident investors the opportunity to acquire their holdings. With more committed HODLers taking over the market, bulls could gain enough strength to rally.

Veteran trader Peter Brandt has already predicted this coming rally. As previously reported by The Crypto Basic, Brandt predicts an upcoming “pump” could take BTC above its recent all-time high. The market veteran expects prices to rise above $92,000. Bitcoin is trading at $56,188 at the time of reporting, up $3.31tbpd in the past 24 hours.

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