bitcoin whales have continued to show their resilience and unwavering optimism in the flagship cryptocurrency. This category of investors has accumulated a significant amount of the crypto token in the last seven days amid increased volatility in bitcoin-rally-is-far-from-over-2/#:~:text=This%20suggests%20that%20the%20crypto,is%20a%20%E2%80%9Cgood%20thing.%E2%80%9D” rel=”nofollow”>The price of bitcoin.
bitcoin whales accumulate $1.4 in btc
x.com/intotheblock/status/1793608656971313548″ rel=”nofollow”>Data from the market intelligence platform In the block shows that bitcoin addresses containing between 1,000 and 10,000 btc have combined to accumulate 20,000 btc ($1.4 billion) in the last seven days. This accumulation coincides with The Recent bitcoin Price Surge above $70,000.
Furthermore, the purchases by these whales suggest that the volume of the flagship cryptocurrency is increasing, which could help trigger further price rallies. Besides, bitcoin-bull-market-glassnode/” rel=”nofollow”>Glassnode on-chain analytics platform noted in a recent market report that selling pressure on bitcoin was decreasing. Therefore, the price of bitcoin seems poised to take off sooner rather than later with significant purchases like the one made by these whales.
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Meanwhile, institutional investors They are also back and appear to be doubling down on the flagship cryptocurrency. This is evident in the fact that the inflows to the bitcoin-etfs-record-inflows/” rel=”nofollow”>bitcoin Spot ETF have increased in the last two weeks. x.com/FarsideUK/status/1793851078967955953″ rel=”nofollow”>Data from Farside Investors shows that these funds have raised almost $800 million this week alone.
bitcoin-block-800000-mined-btc-epic-achievements/” rel=”nofollow”>Cryptanalyst James Check (also known as checkmate) bitcoin-rally-is-far-from-over-2/#:~:text=This%20suggests%20that%20the%20crypto,is%20a%20%E2%80%9Cgood%20thing.%E2%80%9D” rel=”nofollow”>noted In a recent market report that these funds could lead the next wave of demand, taking the price of bitcoin to a new level. bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>all-time high (ATH). These bitcoin Spot ETFs have already been instrumental in bitcoin's growth this year, with the flagship cryptocurrency reaching its current ATH of $73,750 in early March.
Like Check, cryptanalyst Gustavo Faria also pointed out in a recent twitter&utm_medium=sns&utm_campaign=quicktake&utm_content=gustavo-faria” rel=”nofollow”>blog entry There are signs that a new wave of demand is emerging. This has raised the possibility that the next rally could come even sooner than expected. crypto analysts like BitQuant have provided information on how high bitcoin could rise in its next upward leg, predicting that the crypto token will reach $95,000.
No need to worry about price drops
bitcoin-sentiment-bearish-signal-buy-more/” rel=”nofollow”>Santiment chain analysis platform suggested that there was no need to worry about any price correction for bitcoin as the bulls have enough capital to buy these dips. The platform x.com/santimentfeed/status/1793452767039865158″ rel=”nofollow”>highlighted that the amount of bitcoin/” rel=”nofollow”>non-empty stablecoin wallets is rising, indicating that more whales are packing their bags to invest in the crypto market.
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Specifically, Non-empty USDC wallets have grown more than 13%, and Tether non-empty wallets have grown more than 15%. This figure is expected to continue rising as the bull run progresses later in the year.
At the time of writing, bitcoin is trading at around $67,200, down more than 3% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
