The recent surge in the price of Bitcoin to $71,000, following the news of the Ethereum ETF approval, has since cooled off. The premier cryptocurrency experienced a correction down to $67,000 and is now consolidating in a certain range. This period of consolidation has sparked interest in the activities of Bitcoin whales, who seem to be gradually increasing their holdings once again.
Bitcoin whales are entities that hold significant amounts of the cryptocurrency, usually at least 1,000 BTC. These whales have the ability to influence market dynamics and price movements with their trading activities. Recently, there has been an uptick in the buying appetite of Bitcoin whales, as indicated by the increase in total whale holdings and a moving average tracking a 30-day percentage change in balance.
A pseudonymous analyst pointed out in a CryptoQuant Quicktake post that Bitcoin whales have been actively accumulating BTC in the past few days. Following a period of decline in buying interest since March, whales have once again started increasing their holdings. In March, when the price of Bitcoin reached a new all-time high of $73,737, whales had increased their holdings by more than 11%. However, the accumulation rate slowed down in April, with the 30-day percentage change dropping to around 3% by the end of the month. May has seen a resurgence in Bitcoin accumulation, with the monthly percentage change rising above 5% as of May 24.
The return of strong buying force from Bitcoin whales indicates their confidence in the current price levels for purchasing and accumulating. Despite prevalent market fears, whales are once again showing interest in accumulating BTC. If the accumulation rate reaches the levels seen in March, there is a high probability of Bitcoin surpassing its current all-time high. It is worth noting that the premier cryptocurrency had previously hit a new high when whales were accumulating BTC at a similar rate. As of the latest data, Bitcoin is priced at around $69,216, reflecting a slight 0.8% increase in the past 24 hours.
The resurgence of Bitcoin whales and their increased buying appetite bode well for the future price movements of BTC. Their ability to influence market dynamics and propel the cryptocurrency to new highs makes their activities closely watched by market participants. As the cryptocurrency market continues to evolve, the actions of these whales will play a significant role in shaping the price trajectory of Bitcoin in the coming days and weeks.
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