There is no doubt that getting wealthy investors to put their money back into the market is always a good thing. More capital coming into the market is always the best way to bring up the price of assets. But there is also the question of the intentions of the Bitcoin whales, who accumulate such a large amount of bitcoin within 24 hours.
A squeeze could be a plausible reason. When you put millions into the markets, prices skyrocket. And when prices shoot up, the whales can sell the coins they got at a higher price and crash the market again.
With over nine million bitcoins held in these wal wallets, it can be assumed that they are not weak hands that are just out for the quick buck. A weak market has always been a buying opportunity for whales and it seems that they are taking full advantage of the opportunity.
The Bitcoin market had succumbed to the massive FUD that came from China with the Bitcoin mining ban and the ban on crypto trading. In addition, Tesla CEO Elon Musk’s announcement that the automaker would no longer accept Bitcoin further helped drive the Bitcoin price down. Musk had said the company would start accepting Bitcoin payments again if a milestone of 50% green Bitcoin mining was reached.
