{"id":550035,"date":"2023-09-05T10:00:34","date_gmt":"2023-09-05T10:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=550035"},"modified":"2024-06-11T08:51:14","modified_gmt":"2024-06-11T08:51:14","slug":"worst-behind-whales-accumulate-bitcoin-not-blackrock","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/worst-behind-whales-accumulate-bitcoin-not-blackrock\/","title":{"rendered":"Worst Behind For BTC Price? Whales Accumulate Bitcoin, But It’s Not BlackRock"},"content":{"rendered":"

The Bitcoin price currently remains in a vulnerable position. Meanwhile, recent on-chain data suggests that Bitcoin whales are accumulating, but contrary to popular rumors, BlackRock isn’t among them. Meanwhile, analysts are divided on whether the worst is behind for Bitcoin’s price.<\/p>\n

Whales Accumulate Bitcoin, But It’s Not BlackRock<\/h2>\n

On-chain analyst James V. Straten recently highlighted<\/a> a trend in the accumulation score by cohort chart. He remarked, “Seems like peak Bitcoin distribution is behind us, as we can see a slight tick-up in accumulation. This is the most aggressive accumulation since June\/July for whales that have over 10k BTC.”<\/p>\n

\"Bitcoin
Bitcoin trend accumulation score by cohort | Source: Twitter @jimmyvs24<\/figcaption><\/figure>\n

However, the waters are muddied by rumors surrounding BlackRock’s involvement. Speculation has been rife that BlackRock has been suppressing Bitcoin prices to buy cheap. But these claims are unfounded. “Many individuals don’t realize that BlackRock would require actual Bitcoin to back their Spot ETF. They might have already purchased their Bitcoin months ago when prices were lower,” is a statement that’s been debunked.<\/p>\n

The reality is that BlackRock, being a financial behemoth managing people’s money, undergoes audits every three months. This means they can’t hide Bitcoin purchases from auditors. If they were to invest in Bitcoin, it would be through an exchange-traded fund.<\/p>\n

Related Reading: Bitcoin Price Prediction For September 2023: What To Expect<\/a><\/div>\n

In fact, BlackRock has already shown interest in the space by investing in Bitcoin mining stocks and MicroStrategy as a proxy. Remarkably, BlackRock is a major shareholder in 4 out of the 5 largest Bitcoin mining companies.<\/p>\n

Is The Worst Behind For BTC Price?<\/h2>\n

The Bitcoin price trajectory remains a topic of intense debate among analysts. Will Clemente, a prominent figure in the space, shared the chart below and commented<\/a>, “From a high-time-frame valuation perspective, Bitcoin’s position is intricate. While it’s not overheated relative to historical values, there’s a tangible risk of retesting the lows akin to Q1 2020.”<\/p>\n

\"Bitcoin
Bitcoin MVRV Extreme Deviation Pricing Bands | Source: Twitter @WClementeIII<\/figcaption><\/figure>\n

He further emphasized the prevailing market apathy, pointing to the lowest aggregated trading volume since 2020, the dwindling Google search trends for Bitcoin at multi year lows and realized volatility, implied volatility, weekly Bollinger Bands all near record lows.<\/p>\n

Joe Burnett of Blockware Solutions chimed in with a compelling observation<\/a>, “A staggering 94.6% of all Bitcoin remained stationary in the last 30 days. We set a record high at August’s end, and this might soon be surpassed. Historically, bear markets conclude when supply dries up. A mere spark of demand could ignite the next explosive bull market.”<\/p>\n

Related Reading: How Bitcoin And Crypto Are Impacted By The Fed\u2019s Growing War Chest: Report<\/a><\/div>\n

Crypto traders, too, are closely monitoring key levels. @DaanCrypto remarked<\/a> the significance of the $26K-26.1K range as it marks the daily, weekly and monthly open, high volume node and weekly VWAP. Therefore, for bulls, it’s the line of action, and for bears, it’s the fortress to defend.<\/p>\n

Rekt Capital, a well-regarded crypto analyst, has been closely monitoring Bitcoin’s price action, especially in relation to its volume dynamics. He also highlights<\/a> the significance of the $26,000 support level on the weekly chart, pointing out that Bitcoin’s price has been hovering around this mark even after retracing most of its gains from the previous Grayscale rally<\/a>.<\/p>\n

However, the simultaneous decline in both buy-side and sell-side volumes is a cause for concern, suggesting a market that’s currently directionless. “The declining sell-side volume coupled with a lackluster buyer volume is concerning. Without a volume breakout, neither from sellers nor buyers, the market lacks momentum,” the analyst states.<\/p>\n

On the topic of the double top<\/a>, a traditionally bearish pattern, Rekt Capital indicated that a breach below the $26,000 mark on the weekly chart could potentially send BTC tumbling towards $22,000. However, he also hinted at a silver lining: an inverse head and shoulders pattern observed earlier this year. If Bitcoin approaches the $24,000 mark, which serves as the neckline for this pattern, it could act as a robust support and possibly signal a bullish turnaround.<\/p>\n

\"Bitcoin
Bitcoin weekly double top | Source: Twitter @rektcapital<\/figcaption><\/figure>\n

At press time, BTC traded at $25,734.<\/p>\n

\"Bitcoin
BTC needs to regain $26,000, 4-hour chart | Source: BTCUSD on TradingView.com<\/figcaption><\/figure>\n
Featured image from Mike Doherty \/ Unsplash, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price currently remains in a vulnerable position. Meanwhile, recent on-chain data suggests that Bitcoin whales are accumulating, but contrary to popular rumors, BlackRock isn’t among them. Meanwhile, analysts are divided on whether the worst is behind for Bitcoin’s price. Whales Accumulate Bitcoin, But It’s Not BlackRock On-chain analyst James V. Straten recently highlighted a trend in the accumulation score by cohort chart. He remarked, “Seems like peak Bitcoin distribution is behind us, as we can see a slight tick-up in accumulation. This is the most aggressive accumulation since June\/July for whales that have over 10k BTC.” However, the waters are muddied by rumors surrounding BlackRock’s involvement. Speculation has been rife that BlackRock has been suppressing Bitcoin prices to buy cheap. But these claims are unfounded. “Many individuals don’t realize that BlackRock would require actual Bitcoin to back their Spot ETF. They might have already purchased their Bitcoin months ago when prices were lower,” is a statement that’s been debunked. The reality is that BlackRock, being a financial behemoth managing people’s money, undergoes audits every three months. This means they can’t hide Bitcoin purchases from auditors. If they were to invest in Bitcoin, it would be through an exchange-traded fund. Related Reading: Bitcoin Price Prediction For September 2023: What To Expect In fact, BlackRock has already shown interest in the space by investing in Bitcoin mining stocks and MicroStrategy as a proxy. Remarkably, BlackRock is a major shareholder in 4 out of the 5 largest Bitcoin mining companies. Is The Worst Behind For BTC Price? The Bitcoin price trajectory remains a topic of intense debate among analysts. Will Clemente, a prominent figure in the space, shared the chart below and commented, “From a high-time-frame valuation perspective, Bitcoin’s position is intricate. While it’s not overheated relative to historical values, there’s a tangible risk of retesting the lows akin to Q1 2020.” He further emphasized the prevailing market apathy, pointing to the lowest aggregated trading volume since 2020, the dwindling Google search trends for Bitcoin at multi year lows and realized volatility, implied volatility, weekly Bollinger Bands all near record lows. Joe Burnett of Blockware Solutions chimed in with a compelling observation, “A staggering 94.6% of all Bitcoin remained stationary in the last 30 days. We set a record high at August’s end, and this might soon be surpassed. Historically, bear markets conclude when supply dries up. A mere spark of demand could ignite the next explosive bull market.” Related Reading: How Bitcoin And Crypto Are Impacted By The Fed\u2019s Growing War Chest: Report Crypto traders, too, are closely monitoring key levels. @DaanCrypto remarked the significance of the $26K-26.1K range as it marks the daily, weekly and monthly open, high volume node and weekly VWAP. Therefore, for bulls, it’s the line of action, and for bears, it’s the fortress to defend. Rekt Capital, a well-regarded crypto analyst, has been closely monitoring Bitcoin’s price action, especially in relation to its volume dynamics. He also highlights the significance of the $26,000 support level on the weekly chart, pointing out that Bitcoin’s price has been hovering around this mark even after retracing most of its gains from the previous Grayscale rally. However, the simultaneous decline in both buy-side and sell-side volumes is a cause for concern, suggesting a market that’s currently directionless. “The declining sell-side volume coupled with a lackluster buyer volume is concerning. Without a volume breakout, neither from sellers nor buyers, the market lacks momentum,” the analyst states. On the topic of the double top, a traditionally bearish pattern, Rekt Capital indicated that a breach below the $26,000 mark on the weekly chart could potentially send BTC tumbling towards $22,000. However, he also hinted at a silver lining: an inverse head and shoulders pattern observed earlier this year. If Bitcoin approaches the $24,000 mark, which serves as the neckline for this pattern, it could act as a robust support and possibly signal a bullish turnaround. At press time, BTC traded at $25,734. Featured image from Mike Doherty \/ Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":550036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,19064,7720,1119,1144],"class_list":["post-550035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-whales","tag-blackrock","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWhales Accumulate Bitcoin (BTC), But It's Not BlackRock<\/title>\n<meta name=\"description\" content=\"On-chain data suggests that Bitcoin whales are accumulating, but contrary to popular rumors, BlackRock isn't among them.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/worst-behind-whales-accumulate-bitcoin-not-blackrock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whales Accumulate Bitcoin (BTC), But It's Not BlackRock\" \/>\n<meta property=\"og:description\" content=\"On-chain data suggests that Bitcoin whales are accumulating, but contrary to popular rumors, BlackRock isn't among them.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/worst-behind-whales-accumulate-bitcoin-not-blackrock\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-05T10:00:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:51:14+00:00\" \/>\n<meta name=\"author\" content=\"Jake Simmons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/mike-doherty-JRsl_wfC-9A-unsplash.jpg?fit=4500%2C3000\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/realJakeSimmons\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Simmons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/worst-behind-whales-accumulate-bitcoin-not-blackrock\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/worst-behind-whales-accumulate-bitcoin-not-blackrock\/\"},\"author\":{\"name\":\"Jake Simmons\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\"},\"headline\":\"Worst Behind For BTC Price? 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Worst Behind For BTC Price? 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