As a seasoned crypto investor with a keen eye on market trends and on-chain data, I’ve noticed an intriguing development in the Bitcoin market over the past few weeks. The whales, those large entities holding over 10K+ BTC, have been making strategic moves to accumulate more Bitcoin at lower prices.
In recent weeks, the price of Bitcoin has experienced significant selling pressure. However, large Bitcoin holders, or “whales,” have capitalized on this trend by increasing their own holdings. Specifically, wallets containing over 10,000 BTC have amassed the most in the past six weeks, resulting in their holdings reaching levels not seen since 2015.
Bitcoin Mega Whales on Accumulation Spree
Based on data from Santiment, the substantial increase in Bitcoin’s price volatility over the last few weeks has significantly benefited large Bitcoin holders, also known as whales. These prominent addresses, primarily controlled by exchange liquidity providers, have successfully acquired an extra 212,450 BTC during this period. Consequently, their total Bitcoin holdings have experienced a noticeable uptick as a result.
As a researcher studying the Bitcoin market, I’ve observed that despite Bitcoin miners offloading their coins onto the market, large Bitcoin holders known as whales have been partially buying up the available supply. It’s essential to note, however, that this accumulation isn’t solely driven by mega whales. Smaller whale cohorts, those with over ten Bitcoins in their possession, have also been contributing to the absorption of Bitcoin supply.
As a crypto investor keeping a close eye on market trends, I’ve noticed some intriguing data from Santiment, a reputable on-chain data provider. According to their latest findings, an unprecedented number of wallets holding over 10 Bitcoin have amassed a record-breaking total of 16.17 million BTC. This significant accumulation indicates a growing conviction among these larger Bitcoin holders regarding the digital currency’s promising future.
The BTC Price Action
Following intense selling on Thursday, Bitcoin’s price has rebounded, rising by 4.5% from its previous low of $53,500. At the present moment, Bitcoin is being traded at $56,500 and boasts a market capitalization of $1.114 trillion.
As an analyst, I would interpret the recent Bitcoin price surge by focusing on the significant inflows into spot Bitcoin ETFs, especially on Friday. Prior to this, there had been minor outflows from these funds earlier in the week. However, on Friday alone, these ETFs recorded a substantial $143 million influx, with Fidelity taking the lead. This data implies that institutions have actively sought to buy Bitcoin during the current market downturn.
It’s intriguing to observe if Bitcoin bulls will regain control and push the price upward beyond $61,000, or if bears will maintain their influence. To resume its rally, Bitcoin needs the bulls to successfully drive the BTC price above this threshold.
Currently, Bitcoin is experiencing a noticeable drop in demand with the primary resistance level situated around $47,000. For the bull market to regain momentum, Bitcoin needs to successfully break through and maintain its value above the crucial level of $61,000.
— Ali (@ali_charts) July 5, 2024
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2024-07-06 09:57