Bitcoin Whales Accumulate Up To $931 Million Worth Of Bitcoin
A close analysis of the large crypto investors has shown their interest in accumulating and long-term holding Bitcoin. Recent data shows that whales (known for long-term holding) have accumulated a total of $931 million worth of Bitcoin. This is a piece of good news for Bitcoin investors and will help the coin push higher in the markets.
$931 Million Worth Of Bitcoin Bought By Whales
Since the start of this bear market, Bitcoin whales have been busy accumulating Bitcoin. According to recent data, the whales are those investors who hold anywhere from 100 BTC up to 10,000 BTC. Recently, the USDT holding of these wallets has dropped, but their BTC holding has increased significantly!
This is a sign of positive sentiment toward the BTC, and since these wallets are known for long-term holding, it will support the BTC price as well.
If we look at other relevant data, the Bitcoin supply offered by various exchanges has declined, which is also a bullish sign. According to estimates, the exchange wallets are only providing less than 9% of the total BTC supply - Levels like these were only seen last time in 2018!
Recently, the momentum and the trend in BTC have also turned bullish, which is rather odd considering the stronger USD and the aggressive Fed policy. Many believe that the current crypto-bullish trend is based on the hope that Fed will move away from its tight policy. However, the chances of that happening are very slim, which gives suspicion toward the current crypto trend.
Currently, the price of Bitcoin is around the $20,000 level, and in the last few days, BTC has managed to add 7% to its value.
Despite the fundamental data, the readings on the technical charts are overwhelmingly positive, and the recent accumulation of BTC by the big whales is also a bullish sign. All of this points towards a more bullish gain in the short-term in BTC and will also help other tokens.