Bitcoin whales continue to demonstrate resilience and unwavering bullishness on the flagship crypto. This category of investors has collected a significant amount of the crypto token over the last seven days amid increased volatility Bitcoin price.
Bitcoin whales accumulate $1.4 worth of BTC
Data from the market analysis platform To the Block shows that Bitcoin addresses holding between 1,000 and 10,000 BTC have collectively accumulated 20,000 BTC ($1.4 billion) in the last seven days. This accumulation coincides with Bitcoin’s recent price escalate over $70,000.
Moreover, these whales’ purchases suggest that volume is increasing for the flagship cryptocurrency, which could assist trigger further price increases. In addition, analytics platform on the Glassnode chain recorded in A latest market report that the selling pressure on Bitcoin is decreasing. Therefore, Bitcoin’s price seems primed to rise sooner rather than later with significant purchases like those made by these whales.
Meanwhile, institutional investors are also back in the game and appear to be doubling down on their bets on the flagship cryptocurrency. This can be seen in the fact that it flows into Spot Bitcoin ETF has accumulated over the last two weeks. Data from Farside Investors shows that this week alone, these funds absorbed almost $800 million.
Crypto analyst James Check (also known as Checkmatey) recorded in a recent market report, it appears that these funds could trigger another wave of demand, pushing the price of Bitcoin to up-to-date levels highest level ever (ATH). These Spot Bitcoin ETFs have already played a key role in Bitcoin’s rally this year, with the flagship cryptocurrency reaching its current ATH of $73,750 in early March.
Like Check, cryptocurrency analyst Gustavo Faria also noted in a recent article blog post that there are signs of a up-to-date wave of demand emerging. This increased the likelihood that the next rally would take place even earlier than expected. Crypto analysts like BitQuant provided insight into how high Bitcoin could go in its next rally, predicting the crypto token will hit $95,000.
You don’t have to worry about price drops
Analytical platform in the Santiment chain suggested that there is no need to worry about any correction in Bitcoin’s price because bulls have enough capital to buy out these dips. Platform highlighted that quantity non-empty stablecoin wallets is rising, indicating that more and more whales are loading their bags to invest in the cryptocurrency market.
Specifically, Non-empty USDC wallets increased by over 13%, and Tether non-empty wallets increased by over 15%. This number is expected to continue to rise as the bull run intensifies later in the year.
As of this writing, Bitcoin is trading at around $67,200, down more than 3% in the last 24 hours, according to Bitcoin data. data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
