Markets
Bitcoin Whales Show Bullish Market Behavior With Strong Buying Wave
Bitcoin Whales Show Bullish Market Behavior With Strong Buying Wave
Bitcoin (BTC) Whales, large holders of cryptocurrency, have resumed their buying spree after a break following Bitcoin’s all-time high in March. Market intelligence company CryptoQuant reported an increase in the 30-day percentage change in whale address holdings, indicating growing interest in accumulating Bitcoin at current price levels.
By March, whales had increased their BTC holdings by over 9.8%. Although their accumulation continued through April, the growth rate slowed to 4.2% on May 1, coinciding with a significant market decline that saw the price of Bitcoin fall more than 20% to fall in below $57,000. However, since hitting the market low, the accumulation rate has rebounded to 5.5% on May 22, signaling renewed interest from whales. During the market decline in early May, whales reportedly acquired 47,000 BTC, as Ki Young Ju, CEO of CryptoQuant, pointed out.
The return of strong buying force among Bitcoin whales suggests that they perceive current prices as favorable for buying and accumulation. Whales, defined as Bitcoin address owners holding between 1,000 BTC and 10,000 BTC, excluding mining companies and crypto exchanges, tend to increase their buying activity during bull markets and at reduce during downturns.
Bitcoin’s current price stands at $69,065, up 0.24% over the past 24 hours and 3.58% over the week. Notably, the amount of money whales have invested in Bitcoin has more than doubled from $57 billion to $122 billion since the start of the year, based on the coins’ observed “realized cap” whales. The realized cap takes into account the total value of coins held by whales at the time of purchase, rather than their current market value.