Bitcoin whales made a significant purchase of over $388 million worth of BTC just before the news of Grayscale’s victory over the SEC. Following this purchase, the price of Bitcoin surged to highs of $28,000. Market intelligence platform Santiment revealed data showing the activity of these whales and sharks accumulating Bitcoin prior to the announcement.
Over the past few months, Bitcoin whales have been consistently increasing their holdings, taking advantage of price dips as buying opportunities. It appears that they anticipated the court decision in the Grayscale vs. SEC lawsuit and used it as an opportunity to add to their BTC holdings.
Despite the subsequent retreat in Bitcoin’s price to around $27,370, the whales and sharks who bought prior to the news were rewarded with a 6% price jump. Santiment’s data suggests that these large holders may have had insights into the outcome of the lawsuit. There is speculation about possible manipulation, as earlier, Santiment shared information about 30,000 BTC being sent to exchanges just before the news of Grayscale’s victory.
Read Now: Ethereum’s massive adoption puts it on top in the battle for Stablecoins, says Bloomberg