- Bitcoin whale has accumulated 3577 tokens worth $330 million
- BTC has surged by 9.93% during this period
Since hitting a local low of $66,978, Bitcoin [BTC] has experienced a strong upswing reaching new ATHs five times. With a new ATH of $99,388, BTC is not only resulting in higher profitability for existing holders but also attracting new holders as they fear missing out (FOMO).
While whales rarely accumulate when crypto assets are making higher highs, most large holders continue to accumulate during this rally.
Bitcoin whale accumulates $330 million worth of tokens
According to on-chain tracker Lookonchain, whales continue to accumulate BTC. As such, a whale has accumulated a total of 3577 Bitcoin tokens worth $330 million over the past four days. This continued accumulation has stretched total holdings to 25298 tokens worth $2.5 billion.
When whales accumulate, it signals their confidence in the market and anticipates further price appreciation.
Source: Santiment
This bullishness among whales was evidenced by the fact that Bitcoin’s MVRV long/short difference has increased over the past week to 21.05%. When this increases, it shows that long position holders are in profit and anticipate price gains.
Source: IntoTheBlock
Additionally, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio has declined from 3.77% to 0.55% on weekly charts. Such a sharp decline suggests that large holders are increasing their holdings and are moving their BTC off exchanges.
Source: IntoTheBlock
Finally, Bitcoin’s Number of Large Transactions has surged to hit a weekly high of 32.02k. This shows that large holders are actively involved in this rally and are central to the recent price upsurge.
Accordingly, we can see that these transactions are purchases and transfers to private wallets based on our previous observation of the netflow ratio.
Therefore, this shows that the market is experiencing positive sentiment and large holders are highly bullish.
Impact on BTC price charts?
As expected, the increased whale accumulation and activity has had a massive impact on BTC’s price charts.
Read Bitcoin’s [BTC] Price Prediction 2024-25
In fact, over the past days, as the above whale was accumulating, Bitcoin has surged from $90407 to $99k.
Equally, over the past week, BTC has surged by 12.82% to trade at $98,940 at press time. This implies that BTC is experiencing a strong upward momentum amidst increased whale activity.
