Bitcoin's price recently surged to over $70,000, fueled by rumors of an upcoming Ethereum spot ETF approval, though it fell short of its all-time high of $73,737. Despite a subsequent dip below $70,000, new on-chain data hints at a potential rebound.

Whale Activity Signals Potential BTC Price Recovery

Crypto analyst Ali Martinez revealed a surge in buying activity among Bitcoin whales—those holding between 1,000 and 10,000 BTC. According to Santiment's data, these large investors purchased over 20,000 BTC, valued at $1.34 billion, in a single day. This acquisition boosts their total holdings to an impressive 4.96 million BTC.

"Buying the Dip" and Market Impact

This whale activity occurred after Bitcoin's price dropped to $67,000, indicating they are "buying the dip." Such moves by large holders often signal confidence in future price increases and can significantly influence market trends.

Current Bitcoin Price

Currently, Bitcoin is trading at around $68,917, reflecting a slight 1% increase over the past day and a 3% rise over the past week. Investors should monitor these whale movements closely, as they often precede major market shifts.