UK firm buys $250M Bitcoin as analysts eye quiet Easter weekend
Whales and institutions are increasing their Bitcoin holdings ahead of Easter, as market analysts predict a weekend with less volatility after two weeks of heightened volatility driven by escalating global trade tensions.
London-based investment firm Abraxas Capital acquired 2,949 Bitcoin () worth more than $250 million during the four days leading up to April 19.
In the latest transaction, the firm bought over $45 million worth of Bitcoin from Binance on April 18, to crypto intelligence firm Lookonchain, citing Arkham Intelligence data.
Source: Arkham Intelligence,
The investment came days after Michael Saylor’s worth of Bitcoin at an average price of $82,618 per BTC, as the world’s largest corporate Bitcoin holders signal continued confidence in Bitcoin, amid global tariff uncertainty.
Large Bitcoin investors, or whales, continue accumulating, absorbing over yearly issuance as exchanges continue losing coins at a historic pace, Cointelegraph reported on April 18.
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Crypto analysts eye quiet Easter weekend after weeks of turmoil
Despite continued accumulation from whales and institutions, volatility concerns were raised by significant movements from the medium-term Bitcoin cohort, which holds coins for an average of three to six months.
Over circulation from the medium-term cohort, a development that may signal “imminent” crypto market volatility, according to pseudonymous CryptoQuant analyst Mignolet.
“The effect of this metric on LTF moves is overstated as large onchain movement of coins hardly ever affects weekend price action since it’s not on liquid markets or CEX markets,” analysts at Bitfinex exchange told Cointelegraph, adding:
“It is important to note that funding rates remain relatively flat currently. Moreover, US markets are closed as we have a long weekend for Easter, so volatility could be suppressed barring headlines from the White House.”
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Marcin Kazmierczak, chief operating officer of RedStone Oracles, added that the recent movements may be operational transfers, not necessarily signs of imminent selling pressure.
Still, concerns over weekend volatility have been amplified over the past two weeks after the Mantra () token’s price on Sunday, April 13, from roughly $6.30 to below $0.50, triggering market manipulation allegations and highlighting in the industry.
Two weeks ago, on April 6, Bitcoin fell below $75,000 on Sunday, as investor concerns spread from a record-breaking , its largest on record.
The correction was caused by Bitcoin’s 24/7 trading availability, which made it the only large liquid asset available for de-risking on Sunday, Blockstream CEO Adam Back told Cointelegraph.
“On a weekend, there’s not much volume. So you have a worse risk of rapid sort of flash crashes or flash dips that get filled in again,” he said.
