Cryptocurrency markets experienced a downturn on Wednesday, with Bitcoin and Ethereum prices declining. Bitcoin ETFs saw their second consecutive day of outflows, while Spot Ethereum flows remained muted. Meanwhile, whale accumulation continues, with 1.5 million BTC acquired over the last six months. This downturn comes amidst reports of declining transaction volume and active addresses, with notable liquidations in the market.
According to analyst Ali Martinez, the accumulation of Bitcoin by whales has ceased, as indicated by a drop in the accumulation trend score to zero. This suggests that whales are either distributing or not accumulating Bitcoin at current levels. This shift in whale behavior could potentially signal a change in the market’s direction, as whales are typically large holders of Bitcoin and their actions can significantly impact the market. The news of halted whale accumulation comes at a time when the cryptocurrency’s future value is a topic of much debate. Despite a recent pullback, a Standard Chartered analyst has predicted a more than 100% increase in Bitcoin’s value by the end of 2024, which could indicate a significant shift in the market’s dynamics.
