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## Whales Buy The Bitcoin Dip

While many market segments panic-sold their Bitcoin (BTC) this week, the digital currency’s largest whales seem to have bought the dip with size.

According to data provided by CryptoQuant CEO Ki Young Ju, active Bitcoin whale addresses accumulated 47,000 BTC within 24 hours following Bitcoin’s slide this week below $57,000 per coin.

An active whale address is defined as owning at least 100 BTC, and having engaged in on-chain activity within the past day. Young Ju said the balances discount centralized exchanges and Bitcoin miners, but include certain Bitcoin custodians such as Bitcoin ETF providers.

“We’re entering a new era,” Young Ju wrote to Twitter regarding the data. Though whale balances have significantly increased since Bitcoin spot ETFs were approved in the United States this year, the executive says this week’s balance spike was “not ETF related.”

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## Interpreting The Data

According to analyst TXMCtrades, the increased whale address balance may actually not represent whales accumulating coins, but instead show “innocuous wallet management flow” among larger entities.

“There are hundreds/thousands of unidentified on-chain entities with big footprints, but people who don’t look at this data all day will be encouraged to leap to wild conclusions,” he wrote to Twitter on Friday.

Bitcoin ETF data shows that the Grayscale Bitcoin Trust (GBTC) had net inflows on Friday for the first time since launching as a Bitcoin spot ETF, possibly signaling the first strong inflow day for Bitcoin ETFs at large in almost a month.

By utilizing AI legalese decoder, investors can better comprehend the implications of whale activity and make informed decisions regarding their cryptocurrency investments. With simplified legal language, individuals can navigate the complexities of the market with greater confidence and understanding.

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