Bitcoin Whales have been very active in recent days as the crypto continues to trade below $68,000. Notably, network data showed a trend of accumulation among Bitcoin whales, with large surges in the cryptocurrency leaving cryptocurrency exchanges private wallets. These transfers seem to have aroused the interest of some investors who are paying massive attention, as this accumulation pattern points to a price increase in the future.
According to several posts from whale transaction tracker Whale Alerts, Bitcoin whales recently transferred $2.3 billion worth of BTC in a 24-hour period, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that more than 25,000 BTC worth approximately $1.60 billion have been transferred to hoarding addresses.
Bitcoin Whale Accumulation Signal Price Rises Ahead
Bitcoin has largely traded below $69,000 since March 15, struggling to regain the momentum that saw him exceeding $70,000 in the beginning of the month. Interestingly, Bitcoin fell to $61,766 last week, representing a 16% decline from its all-time high.
Meanwhile, Spot Bitcoin ETFs saw consistent outputs throughout the week, led by Grayscale’s GBTC and weak flows in BlackRock’s IBIT and Fidelity’s FBTC. This decline became a major concern for investors as it signaled the bullish sentiment surrounding BTC. may finally be coming to an end.
However, on-chain data now tells a different story of strong bullish sentiment from Bitcoin whales. Data from Whale Alerts shows large amounts of BTC leaving cryptocurrency exchanges, one of which was a transfer of 8,136 BTC worth $517 million from Coinbase in a new private wallet. Shortly after, 8,172 BTC worth $519 million were transferred from Coinbase in another new private wallet. Interestingly, the different whale tracker alerts amounted to $2.3 billion worth of BTC to and from cryptocurrency exchanges on March 22.
Analyst Ali Martinez noted that these transfers totaled $1.6 billion being added to accumulation addresses, the largest flow so far this year.
Yesterday, more than 25,000 #Bitcoinvalued at approximately US$1.60 billion, were transferred to accumulation addresses, marking the largest flow to these $BTC wallets so far this year! pic.twitter.com/mAIHkG9ROC
-Ali (@ali_charts) March 23, 2024
According to CryptoQuant DataThis accumulation trend has seen Bitcoin reserves on exchanges in a downtrend since March 21st. At the time of writing, the Bitcoin exchange reserve stood at 1.98 million BTC.
Basically, whale accumulation tends to tip the scales higher among other traders. The fundamentals around Bitcoin, such as the upcoming halving, point to price growth in the near future, making it an ideal time for investors position yourself in the market.
At the time of writing, Bitcoin is trading at $67,478. A key price level to watch is $69,000. If Bitcoin breaks this resistance level, could keep rising with the tendency of accumulation.
BTC price at $67,000 | Source: BTCUSD on Tradingview.com
Featured image from GoBankingRates, chart from Tradingview.com
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