Bitcoin whales buy $192M BTC as price dips to $68k

Bitcoin’s (CRYPTO:BTC) price fell from over $71,000 to a low of $67,700 over the weekend, creating an opportunity for several large holders, or “whales,” to accumulate the cryptocurrency.

According to data from Lookonchain shared on X, five whales acquired a combined total of 2,780 BTC, valued at approximately $192.4 million, since November 1st.

These significant purchases reflect a shift from Binance to private wallets, signaling a move toward self-custody, which typically reduces immediate sell pressure on exchanges.

One whale withdrew 880 BTC when Bitcoin was trading at $69,500, bringing their total holdings to 1,381 BTC, worth around $95.12 million.

Another acquired 615 BTC, valued at $41.7 million, during the dip to $67,700.

Further whale transactions included a third investor who withdrew 595 BTC worth $41.38 million, while a fourth transferred 550 BTC from Binance to private storage when Bitcoin was at $70,300.

The fifth whale withdrew 140 BTC, valued at $9.48 million, at around $67,700.

This accumulation reflects a sentiment that Bitcoin’s value may appreciate, particularly with the upcoming U.S. presidential election.

The election has heightened anticipation within the crypto community, with some expecting a win by Republican candidate Donald Trump, who has expressed support for Bitcoin adoption in the U.S.

Meanwhile, others are hopeful for Democrat candidate Kamala Harris, who has advocated for pro-crypto regulations.

At the time of writing, Bitcoin is trading at $67,919.53.