Bitcoin whales have begun to make substantial BTC purchasing moves, signaling market participants’ entrance into a re-accumulation phase.

According to a tweet by blockchain analytics platform Santiment, large investors holding 1,000 to 10,000 BTC collectively accumulated more than $941 million worth of the asset in the past 24 hours.

Bitcoin Whales Accumulate BTC

The amount of BTC whales accumulated in the past 24 hours increased their holdings by 15,121 BTC, bringing their collective stash to its highest level in two weeks. Santiment said this move signifies whales’ confidence in the Bitcoin market.

The resurgence of BTC accumulation by whales comes after weeks of massive selling and profit-taking. CryptoPotato reported in late April that on-chain analysts highlighted a surge in inflows to centralized crypto exchanges, dominated by assets from Bitcoin whales. This was after the market participants witnessed a spike in their unrealized profits following BTC’s surge past $60,000.

Currently, the cryptocurrency ranges between $60,000 and $64,000 and has been trading within that level for weeks, presenting an opportunity for investors to buy the dip in anticipation of the peak of the bull cycle.

Bitcoin Inflows Appear to be Picking Up

Santiment’s analysis aligns with those of other on-chain experts, who have stated that inflows into the Bitcoin network appear to be picking up. Last week, Bitcoin whales purchased 47,000 BTC worth more than $2.8 billion within 24 hours. CryptoQuant CEO Ki Young Ju said the large accumulation signaled the beginning of a new era for the leading cryptocurrency.

Popular Bitcoin analyst Willy Woo recently said in an X post that BTC investors appear to be accumulating the digital asset again; however, it may take a week to confirm the trend reversal correctly.

Earlier this week, analysts at crypto exchange Bitfinex said some on-chain metrics suggest that selling pressure from BTC investors may be waning, indicating that a price recovery may be on the horizon.

In addition, the United States spot Bitcoin exchange-traded fund market is seeing more positive flows than last week. While the market recorded only one day of inflows last week, it has seen two this week.

The latest move by Bitcoin whales signals the onset of a post-halving re-accumulation phase, which is expected to last weeks before the bulls take over.

Ripple’s price has been consolidating over the last few weeks, failing to continue its recovery. Yet, there is still the probability for the market to rise higher.

Technical Analysis

By TradingRage

The USDT Paired Chart

On the USDT paired chart, the price has recently rebounded from the $0.4 support zone and climbed above the $0.5 level. Yet, the 200-day moving average, located around the $0.6 mark, is still intact.

The price is currently dropping toward the $0.5 level once more. If the level holds, XRP might rally toward the 200-day moving average. However, with the RSI showing values below 50%, market momentum is still in favor of a bearish move.

The BTC Paired Chart

Looking at the chart against Bitcoin, it is evident that the market’s downtrend has finally come to a halt, with the 800 SAT level preventing the price from dropping lower. Meanwhile, the Relative Strength Index has been oscillating around the 50% level, indicating that the market is in equilibrium.

If the 800 SAT area holds, investors can be optimistic that the XRP price can climb toward the 1200 SAT resistance level and the 200-day moving average located around the same mark. Yet, while the cryptocurrency remains below the 200-day moving average, the market’s trend cannot be considered bullish.

[PRESS RELEASE – Dubai, United Arab Emirates, May 9th, 2024]

Building on the momentum from a successful first day of the World Blockchain Summit (#WBS), organized by Trescon, Day 2 concluded with thought-provoking discussions, cutting-edge innovations, and actionable insights at the JW Marriott Hotel Marina in Dubai. Held on April 22nd and 23rd, the event gathered leading industry experts, blockchain innovators, government stakeholders, and investors, collectively spotlighting the practical applications of next-generation blockchain solutions.

The World Blockchain Summit outdid expectations drawing over 2000+ C-Suite, 300+ investors, 100+ sponsors, and 50+ speakers. The event fostered a dynamic environment for learning, networking, and innovation. Filled with rich discussions and insightful keynotes, the Summit focused on enhancing the adoption of blockchain across crucial sectors such as finance, food industries and more.

Some of the notable highlights from the event was the panel discussion on “The Investor’s Perspective of Digital Assets: Challenges and Promises of the Digital Age”, moderated by Juliet Su, Partner, NewTribe Capital, examined the role of developing economies in embracing digital assets as a means for financial inclusion and economic growth. The panellists, Richard Muirhead, Managing Partner, Fabric Ventures; Diana Biggs, Partner, 1kx; Amit Grover, General Partner and Managing Partner, Koinonos Capital and Grover & Company, shared their insights on how the digital asset landscape is evolving.

Another noteworthy session was the keynote presentation on “Unleashing the Power of Blockchain: A Journey Beyond Transactions”, by Rizwan Shaikh, Chief Technology Officer at White Shark Blockchain Solutions DMCC.

One standout moment was the panel discussion on “Enterprise Adoption: Opportunities, Challenges, and Emerging Trends in the Blockchain ecosystem”. Moderated by Maha Al-Saadi, Head of Regulatory Affairs, QFC Financial Services Sector, the panel explored the unique challenges and barriers in blockchain adoption. The panellists, George Gvazava, Chief Crypto Officer, Bank of Georgia; Maher Al Kaabi, Advisor to Chairman & Independent Board, Alserkal Group; Aditya Tallapragada, CEO, Medifakt; Wolfgang Grabher, Founder, CEO and Chairman, SUN AG; Kiruthik Raaj, Co-founder & Head of Engineering, Hedgeblock, deliberated on the successful blockchain use-cases and spoke about the educational initiatives to bridge the knowledge gap and drive mainstream blockchain adoption.

Sharing his experience, Thomas Bleimuth, Chief Asset Management Officer at Anbruggen Capital, remarked, “I appreciate the opportunity to speak at the WBS panel. It was very well-organized and a truly memorable experience.”

Sharath Kumar, Business Director, Trescon, expressed his enthusiasm about assembling global blockchain pioneers and innovators in Dubai, noting, “The Summit showcased Dubai’s strategic emergence as a global hub for cryptocurrency, accentuating its significant role within the regional and worldwide innovation ecosystems that drive blockchain adoption forward.”

The event also hosted the Dubai regionals of the Startup World Cup by Pegasus Tech Ventures, offering startups a stage to present their innovations to global investors. Among the competitors, Pentagon Games emerged victorious, leading the rapidly evolving gaming industry by integrating XR Metaverse for innovative content distribution and employing Web3 and AI as the foundation for their GameFi initiatives.

Following the remarkable success of the World Blockchain Summit in Dubai, we are grateful to CNBC for their invaluable partnership. Their support has been instrumental in reinforcing our commitment to advancing global blockchain innovation and collaboration.

The 29th edition of the World Blockchain Summit is supported by:

Strategic Partners – DIFC Innovation Hub , Dubai AI & Web3 Campus

Co-Host – Sun Minimeal

After Party Sponsor – Floxypay

Gold Sponsors – Cardano Foundation , Medifakt, Crypto2Cash, Anbruggen, Bitflex

Silver Sponsors- Kreation, Coingames, Reat Capital, ACM Finance , Website AI, Vision Chain

Lanyard Sponsor- M2

Badge Sponsor – Ledn

Lunch Sponsor – Payper

Bronze Sponsor- BitGo, M2 , Block Convey, Genesis Digital Assets , Hedge , Golfin, Build-AI

Pitch Partners – Reat Capital , soukcola , MeAI , Zherpa , FidesInnova Labs, Pentagon Games

Exhibitors- DSQ Solutions , Reltime, Qoneqt , C# Corner , Islamic Dinar, Technoloader, Verichains, Vault, Ecotrader.io, Ideofuzion, NuChain, LCX

Official Accommodation Partner- HotelPlanner

Ecosystem Partner – Entrepreneur Media

Business Broadcast Partner – CNBC Arabia

Official Newspaper Partner- The Fintech Times

Official Digital PR Distribution Partner – ZEX PR Wire

ABM Partner- Demandify

Association Partners- Crypto and Blockchain Association, Blockchain Council, Asia Web3 Alliance Japan, European Blockchain Association

Prime Media Partner- Demandteq

Community Partner – Hyperledger Foundation, The Digital Chamber

About World Blockchain Summit (WBS)

World Blockchain Summit (WBS) is an event by Trescon that supports the growth of the blockchain, crypto and Web3 ecosystem globally.

WBS is the world’s longest-running blockchain, crypto, and web 3-focused summit series. Since our inception in 2017, we have hosted more than 20 editions in 11 countries as we strived to create the ultimate networking and deal flow platform for the Web3 ecosystem. Each edition brings together global leaders and emerging startups in the space, including investors, developers, IT leaders, entrepreneurs, government authorities, and others.