Bitcoin Whales’ Buying Appetite Returns, On-Chain Data Shows
May 26 2024 - 7:45AM
NEWSBTC
The Bitcoin price has cooled off after surging to as high as
$71,000 on the back of the Ethereum ETF approval news last week.
Not long after the price spike, the premier cryptocurrency
witnessed a correction to $67,000 and appears to be back in a
consolidation range. Interestingly, Bitcoin whales seem to be
awakening from their slumber, as they have been loading their bags
with significant BTC amounts in the past few days. This begs the
question – can the returning whales’ appetite push Bitcoin to a new
record-high price? Is A Return To All-Time High Imminent? A
pseudonymous analyst shared in a CryptoQuant Quicktake post that
Bitcoin whales are showing an increased buying appetite and getting
active in the market once again. The relevant indicators here are
the total whale holdings and a moving average tracking a 30-day
percentage change in the balance. Related Reading: Prepare For
Impact: Market Expert Says Biggest Disaster In Crypto Yet To Come
Whales are entities (individuals or organizations) that own
substantial amounts of a cryptocurrency (typically at least 1,000
BTC, in this case). Due to the size of their holdings, whales are
often able to influence price movements and market dynamics through
their activities. In the Quicktake post, the on-chain analyst noted
a recent increase in the monthly percentage change in whale address
holdings and a steady rise in the total whale balance. The
pseundonymous pundit said: The whales’ appetite for buying Bitcoin
has returned strongly, after a two-month decline in buying interest
since March. From the chart above, it was observed that the Bitcoin
whales had increased their holdings by more than 11% in March when
the BTC price hit a new all-time high of $73,737. However, the BTC
accumulation rate steadied in April, with the 30-day percentage
change falling to around 3% by the end of the month. Bitcoin
accumulation appears to be on the rise in May, with the monthly
percentage change returning to above 5% as of May 24. The
CryptoQuant analyst said in the post: They [whales] are now
returning with a strong buying force again, indicating that the
current prices are suitable for purchasing and accumulating despite
the widespread fear. If the whale accumulation of BTC returns to
its March level, there is an increased likelihood of the Bitcoin
price returning to and perhaps surpassing its current all-time
high. This projection is even more plausible considering that the
premier cryptocurrency did forge a new high the last time the
whales accumulated BTC at that rate. Bitcoin Price At A Glance As
of press time, the price of Bitcoin stands at around $69,216,
reflecting a bare 0.8% increase in the past 24 hours. Related
Reading: Why Did CORE Price Surge 20% While The Crypto Market
Dumped? Featured image from iStock, chart from TradingView
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