As US Bitcoin ETF experiences outflows amid bearish recent BTC price action, crypto whales have been aggressively buying the dip, although investors have also been piling into an exciting new meme coin called Pepe Unchained (PEPU).
Monday saw Bitcoin ETFs experience their biggest outflow in two month, per The Block data.
Those outflows helped push the Bitcoin price as low as the $55,000s in the early hours of Wednesday.
But BTC has since rebounded back above $58,000. Dip buying from Bitcoin whales may have helped.
On-chain crypto sleuth Lookonchain posted on X about a wallet that accumulated 545 BTC on Wednesday amid the price dip.
A whale bought 545 $BTC($30.82M) again after the $BTC price dropped!
This whale has bought 862 $BTC($49M) from the bottom at an average price of $56,993 in the past 3 days.
Address:
bc1qg32kay34ma85prkvxwtx3gxlm9w5yaeffz8djs pic.twitter.com/qu2eesnqMk— Lookonchain (@lookonchain) September 4, 2024
This whale has now bought 862 BTC in just the past 3 days.
Another wallet, which some X users refer to as “Mr 100” given the wallet nearly always buys BTC in intervals of 100, has continued to accumulate as well.
The wallet now holds 72,726, with some speculating the wallet could be an exchange.
Mr. 100 just keeps on buying $BTC.
He bought 300 more $BTC yesterday and now has 72,627 Bitcoin.
Do you think Mr. 100 could be an exchange? pic.twitter.com/Oz2NrTAwg3— Lark Davis (@TheCryptoLark) September 2, 2024
Bitcoin on the Verge of a Rebound as Whales Pile In?
Bitcoin could be on the verge of a new rebound back to the $70,000 area.
The Fed is about to start cutting interest rates and now ardently pro-crypto Republican Presidential nominee Donald Trump is the favorite to win the November US Presidential election once again.
Trump's odds continue to rise.
He's now up by 7%. pic.twitter.com/z9Qz7JFMoQ— Polymarket (@Polymarket) September 4, 2024
Those could both be major positive catalysts for Bitcoin, assuming the US economy doesn’t slide into recession, as many fear.
While Bitcoin could 2x within the next year or so, a new meme coin called Pepe Unchained has much bigger potential.
That probably explains why whales have also been flocking to it, with its presale raising a staggering nearly $12 million.
Cryptonews.com’s in-house presale analyst Chester tells investors everything they need to know about Pepe Unchained in the below video.
Visit Pepe Unchained Here
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