Wed, May 08, 2024 at 11:58

• 

  Joy

  • Hey Annie!

  • Guess what?

  • It seems like Bitcoin whales are getting a bit tired.😴 According to analytics firm IntoTheBlock, they've been buying up BTC every chance they get since March, especially when the price dips.

  • 
• Annie

  • Really?😮 But why would they be tired of buying?

  
• 

  Joy

  • Well, it's not that they're tired of buying per se.

  • It's just that they seem to be showing less interest in buying the dip as Bitcoin struggles to stay above $60,000.📉

  • 
• Annie

  • Ah, I see.

  • So, they're not as eager to buy when the price drops.🤔

  
• ADward

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• 

  Joy

  • Exactly!

  • And IntoTheBlock has a way of tracking this.

  • They look at the netflow - that's the amount of Bitcoin moving into and out of whale wallets.

  • This number has dropped since its big spike in March.

• Annie

  • Hmm...so does this mean that Bitcoin whales are losing faith in Bitcoin?

  
• 

  Joy

  • Not necessarily!

  • It could just mean that they're not as hungry to buy the dip as before.

  • But hey, let's not forget about Chainlink (LINK).

  • IntoTheBlock has been keeping an eye on that too.

• Annie

  • Chainlink?

  • What's happening with that?

  
• 

  Joy

  • Well, despite its recent bearish price action, market participants are still loading up on LINK.

  • In fact, data from the past month shows a negative net flow from exchanges for LINK, which means more LINK is being bought than sold.

• Annie

  • Oh, that's interesting.

  • So, people are still buying LINK even though the price is going down?

  
• 

  Joy

  • Yep!

  • That's right!

  • They've bought nearly 3.6 million LINK in total during this period.🚀

• Annie

  • Wow!

  • That's a lot.

  • So, Joy, is this news good or bad for the market?

  
• 

  Joy

  • Well, it's a bit of both.

  • On one hand, Bitcoin whales showing less interest could be seen as a bearish sign for BTC.

  • But on the other hand, the strong interest in LINK despite its bearish price action could be a bullish sign for that crypto.

  • So, it's a mixed bag really!🎭

  • To sum up, this article is considered a 😍Bullish for investors!!