Key Points
- Bitcoin whale has accumulated 3577 tokens worth $330 million.
- Bitcoin’s price has surged by 9.93% during this period.
Bitcoin [BTC] has shown a strong performance recently, setting new all-time highs five times since hitting a local low of $66,978. This surge in value has not only increased the profitability for existing holders but has also attracted new investors.
Whale Accumulation Amidst Rally
Contrary to usual behavior, large holders, or whales, have continued to accumulate Bitcoin during this rally. An on-chain tracker, Lookonchain, has reported that a whale has accumulated 3577 Bitcoin tokens worth $330 million in the past four days. This has brought the total holdings to 25298 tokens worth a staggering $2.5 billion.
This accumulation by whales is a positive signal, indicating their confidence in the market and an anticipation for further price appreciation.
Indicators of Bullish Sentiment
Several indicators point to the bullish sentiment among large holders. Bitcoin’s MVRV long/short difference has increased over the past week to 21.05%, showing that long position holders are in profit and expect further price gains.
Moreover, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio has declined from 3.77% to 0.55% on weekly charts. This sharp decline suggests that large holders are increasing their holdings and moving their Bitcoin off exchanges.
Lastly, Bitcoin’s Number of Large Transactions has surged to a weekly high of 32.02k, indicating that large holders are actively participating in this rally and are central to the recent price upsurge.
Impact on BTC’s Price
As expected, the increased whale accumulation and activity has had a significant impact on Bitcoin’s price. Over the past days, as the whale was accumulating, Bitcoin’s price surged from $90407 to $99k. Furthermore, over the past week, Bitcoin has surged by 12.82% to trade at $98,940 at press time, indicating a strong upward momentum amidst increased whale activity.
