As an experienced analyst, I believe that the recent surge in Bitcoin’s price and the accumulation of large Bitcoin holders, or whales, is a positive sign for the crypto market. According to data from IntoTheBlock and other sources, these big investors have been actively accumulating BTC during the past week, adding roughly 45,000 coins worth over $3 billion to their balances. This trend is significant because it indicates that whales are confident in the long-term potential of Bitcoin and are willing to invest heavily at current prices.
As a dedicated researcher in the field of cryptocurrencies, I’ve observed an intriguing development over the past few days. Bitcoin (BTC) experienced a significant surge, recording a gain of over 13% and reaching a daily close at an impressive five-week high of $71,400. Consequently, this bullish trend extended to the broader crypto market, causing other digital assets to follow suit and rise in value as well.
According to data from IntoTheBlock, a specific group of Bitcoin investors purchased a larger amount of the cryptocurrency than other groups during the price rise.
Bitcoin Whales on Accumulation Spree
As a crypto investor, I’ve been keeping an eye on IntoTheBlock’s latest findings. Based on their data, Bitcoin whales, specifically those holding between 1,000 and 10,000 BTC, have been the primary buyers as the price of Bitcoin soared past $71,000. These significant investors added a total of around 20,000 BTC, equivalent to roughly $1.4 billion at present market values, to their holdings within the last week.
The price of Bitcoin (BTC) increasing and large investors, or whales, accumulating it aligns with continuous inflows totaling over $1.75 billion into spot Bitcoin exchange-traded funds (ETFs) for nine consecutive days.
Bitcoin heavyweights have been actively purchasing large amounts of the cryptocurrency over the past few weeks, with CryptoPotato reporting that they acquired approximately 15,121 BTC, equivalent to around $941 million, within a single day in early May. As a result, their combined bitcoin holdings reached their highest point in two weeks.
In a different instance, information from CryptoQuant showed that Bitcoin whales purchased approximately 47,000 BTC, equivalent to around $2.8 billion, during the timeframe of 24 hours up until May 3.
Whales have been buying large amounts of Bitcoin (BTC) following a prolonged spell where they took profits, leading to an increase in accumulation. During this time, these market players transferred significant crypto holdings to exchanges. The value of their unrealized gains soared after Bitcoin reached its record high of $73,700 around mid-March. Consequently, they sold off their assets to realize profits.
Bitcoin Retraces
Despite the fact that whales have been actively purchasing Bitcoin (BTC), the cryptocurrency has experienced a downturn over the past day. According to CoinMarketCap’s latest figures, BTC was priced at approximately $67,400 at the time of reporting, representing a 3.6% decrease in value during the previous 24 hours.
Yesterday, I observed a significant drop of approximately $2,000 in value for the crypto asset within minutes due to market volatility. This instability was fueled by the impending decision from the U.S. Securities and Exchange Commission (SEC) regarding eight applications for spot Ethereum Exchange-Traded Funds (ETFs). Although the SEC has granted approval for these funds, neither Bitcoin nor Ethereum have managed to secure any gains following this announcement.
Despite the increasing number of stablecoin wallets with balances, it’s possible that a substantial price increase is imminent.
Read More
- W PREDICTION. W cryptocurrency
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Why Final Fantasy Fans Crave the Return of Overworlds: A Dive into Nostalgia
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- PENDLE PREDICTION. PENDLE cryptocurrency
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- How to Handle Smurfs in Valorant: A Guide from the Community
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
2024-05-24 16:24