Bitcoin (BTC) whales, the influential investors with substantial Bitcoin holdings, are displaying unwavering confidence in the cryptocurrency, defying the current sideways price action.
Quick facts:
- Bitcoin whales accumulate 71,000 BTC in the past three weeks, defying boring price action.
- Glassnode data shows increased Bitcoin supply held/traded by U.S. entities after BlackRock’s Bitcoin ETF request.
- Bitcoin reaches a fresh yearly high of $31,525 following interest from traditional financial institutions.
- Bitcoin’s price surged by over 80% this year, with a strong performance in the last quarter.
According to on-chain analytics firm Santiment, these whales have accumulated an additional 71,000 BTC in the past three weeks, valued at approximately $2.15 billion.
The accumulation trend has emerged despite the perceived lack of excitement in the market, as Bitcoin has been engaged in a period of sideways trading. Addresses holding 10 to 10,000 BTC have been actively adding to their holdings, emphasizing their long-term conviction in Bitcoin’s future potential.
Traditional Financial Titans Drive Optimism with Spot ETF Plans
This accumulation phenomenon aligns with observations from Glassnode, another on-chain analytics firm.
They have noticed a notable increase in the share of Bitcoin supply held and traded by U.S. entities, particularly following the announcement of BlackRock’s request for a Bitcoin exchange-traded fund (ETF) on June 15. This shift in supply dominance suggests a potential turning point in the market dynamics.
The surge in institutional interest has contributed to the bullish sentiment surrounding Bitcoin. As major financial players seek approval for spot exchange-traded funds, Bitcoin reached a new yearly high of $31,525.
Despite short-term price fluctuations, the cryptocurrency has experienced significant growth this year, surging by more than 80% since the beginning of 2023.
Glassnode’s analysis reveals that Bitcoin’s spot price has been consolidating within a defined range, oscillating between retracement levels of -50% at $34,300 and -61.8% at $26,200. This consolidation phase indicates a period of market stability and potential accumulation before the next significant price movement.
The continued accumulation of Bitcoin by whales, despite the seemingly boring price action, signifies their unwavering belief in the cryptocurrency’s long-term value. Their actions provide valuable insights into market sentiment and indicate the potential for future price appreciation.
Bitcoin (BTC) Price Action
BTC Price Chart: Trading View
As of the time of writing, Bitcoin (BTC) recorded a slight increase over the past 24 hours, reaching a price of $30,305.
Bitcoin’s support level at the adjusted realized price of $25,500 holds considerable importance. A breach below this level in June 2022 triggered a bear market, while the recent recovery above it has sparked positive price action, demonstrating the resilience of Bitcoin.
Bitcoin has experienced a remarkable increase of over 80% this year, with prices starting at approximately $16,500 at the beginning of the year. The largest digital asset reached all-time highs of nearly $69,000 in November 2021.
During the last quarter, Bitcoin saw a growth of nearly 9% from April to June, further solidifying its position as a prominent and high-performing digital asset.
As Bitcoin whales accumulate 71,000 BTC, their activity reinforces their role as significant players in shaping the cryptocurrency landscape. Their confidence in Bitcoin’s future prospects further solidifies its position as a prominent asset, capable of withstanding market fluctuations and attracting institutional interest.
The accumulation of Bitcoin (BTC) by whales serves as a testament to the ongoing activity and influence of major investors, highlighting their belief in the cryptocurrency’s growth potential.
This accumulation trend sheds light on the evolving dynamics of the crypto market and reinforces Bitcoin’s position as a resilient and valuable digital asset.
