bitcoin reaching $100,000 remains a very feasible goal, especially considering the fact that the cryptocurrency's price hit a new all-time high above $73,000 before the halving. In preparation for the explosive move expected to follow the halving, bitcoin whales are doing everything they can to fill their wallets with btc.
Big bitcoin whales buy more btc
As the price of bitcoin has retreated from its surge, large bitcoin whales are taking advantage of the drop to buy more coins at cheap prices. These whales, who own at least 1,000 btc, meaning they have $70 million on the low end, have purchased a large number of coins in the last three months.
Since January there has been a btc&category=&m=entities.Min1KCount&s=1706140800&u=1711335599&zoom=” rel=”nofollow”>constant rise in the number of wallets containing at least 1,000 as interest continues to grow. Much of this interest is driven by institutional investors who are pouring billions of dollars into bitcoin Spot ETFs. Now, with the condition that issuers have to keep the btc they sell to customers, these institutions have bought a good portion of the supply.
The number of addresses holding at least 1,000 btc was less than 1,500 at the beginning of the year. However, by March, when institutions increased their purchases, this number had increased to 1,617. This is an 8% increase in the number of these large whales in the last three months.
<img decoding="async" class="alignnone wp-image-600037 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/03/The-Road-to-100000-Bitcoin-Whale-Accumulation-Explodes.png" alt="bitcoin whales” width=”647″ height=”361″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot-2024-03-27-at-14.29.37.png?w=2716 2716w, https://technicalterrence.com/wp-content/uploads/2024/03/The-Road-to-100000-Bitcoin-Whale-Accumulation-Explodes.png 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot-2024-03-27-at-14.29.37.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot-2024-03-27-at-14.29.37.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot-2024-03-27-at-14.29.37.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot-2024-03-27-at-14.29.37.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot-2024-03-27-at-14.29.37.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot-2024-03-27-at-14.29.37.png?w=1140 1140w” sizes=”(max-width: 647px) 100vw, 647px” loading=”lazy” data-recalc-dims=”1″/>
Source: Glassnode
To put this surge in perspective, the last time there were this many whales holding this much btc was in 2021, at the peak of the bull market. So if this number increases again, it means that these large investors are expecting the price to rise and as a result, they are trying to maximize their profits.
Spot ETF inflows see 2,600% surge
After a week of steady outflows, inflows into spot bitcoin ETFs are starting to rise once again. For the first day of the week, tickets bitcoin-etf” rel=”nofollow”>scaling to $14.5 million, marking a welcome change from the nearly $900 million in capital outflows recorded the previous week.
This change in trend appears to have renewed investor interest, as Tuesday saw a whopping 2,600% increase in inflows. In total, $418 million was recorded going into Spot btc ETFs on Tuesday, one of the highest inflow days since ETFs were approved.
This change in direction is also evident in the price of bitcoin, which has recovered from last week's low of $60,000. The price has since risen back above $70,000, with a 10% increase in the last week. This also validates the whales' moves to acquire more bitcoin, generating profits for the vast majority of their holdings.
Now, as seen in the past, the return of large inflows into spot ETFs has always been bullish for the price. So, if inflows were to continue during this week, then bitcoin price could record a new all-time high before the halving.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/R7WGefI1/" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc bulls push price toward $72,000 | Source: BTCUSD on Tradingview.com
Featured image from India Today, chart from Tradingview.com
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