Bitcoin whales buy the dip as BTC falls below $70,000

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

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

Whales hoard BTC

These whale accounts withdrew their BTC deposit from Binance and moved it to other bitcoin wallets. This movement of assets from crypto exchanges indicates that the user is moving into self-custody. This method of storage is intended to increase privacy and independence, as well as reduce pressure to sell immediately.

One user moved 880 BTC when the top 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 around $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 larger exchange to an address of external wallet 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 driving force behind the big buy

Ideally, investors accumulate a particular crypto asset when they believe its value will appreciate over time. In the latter case, whales believe BTC prices will rise. 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 the recent rise in the price of bitcoin to its peak value of $73,600. Most members of the crypto community are excited for Republican nominee Donald Trump to win the election. This is likely a result of Trump’s constant promises to help bitcoin adoption in the country if he is elected.

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

Regardless of how things play out, several bitcoiners are airing their thoughts on how the price of the leading crypto asset will move. At the time of writing, BTC exchanged hands at $68,600.

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