bitcoin whales They have been very active in recent days, as the cryptocurrency continues to trade below $68,000. In particular, on-chain data has shown a trend of accumulation among bitcoin whales, with large episodes of the cryptocurrency leaving crypto exchanges in private wallets. These massive transfers seem to have piqued the interest of a few investors who are paying 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 have recently transferred $2.3 billion worth of btc in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martínez recently revealed that more than 25,000 btc worth approximately $1.6 billion had been transferred to accumulation 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 shooting over $70,000 earlier this month. Interestingly, bitcoin fell as low as $61,766 last week, representing a 16% drop from its all-time high.
Meanwhile, spot bitcoin ETFs saw constant departures throughout the week, led by Grayscale's GBTC and weak entries in BlackRock's IBIT and Fidelity's FBTC. This drop became a major concern for investors as it signaled the bullish sentiment surrounding btc. could finally be coming to an end.
However, on-chain data now tells a different story about strong bullish sentiment from bitcoin whales. Data from Whale Alerts shows large amounts of btc leaving crypto 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 totaled up to $2.3 billion worth of btc to and from crypto exchanges on March 22.
Analyst Ali Martínez pointed out that these transfers totaled 1.6 billion dollars that were added to accumulation addresses, the largest entry so far this year.
Yesterday, more than 25,000 bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoinvalued at approximately $1.6 billion, were transferred to accumulation addresses, marking the largest inflow into these $btc portfolios so far this year! pic.twitter.com/mAIHkG9ROC
—Ali (@ali_charts) March 23, 2024
According btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” rel=”nofollow”>Cryptoquantitative dataThis accumulation trend has seen bitcoin reserves on exchanges in a downward trend since March 21. At the time of writing, the bitcoin exchange reserve is at 1.98 million btc.
Basically, whale accumulation tends to turn the tide bullish among other traders. The fundamentals surrounding bitcoin, such as the upcoming halving, point to price growth in the near future. making it an ideal moment so that investors bitcoin-as-you-can/” rel=”nofollow”>position 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 going up with the accumulation tendency.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/jgGyFuMI/" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price at $67,000 | Source: BTCUSD on Tradingview.com
Featured image from GoBankingRates, chart from Tradingview.com
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