A recent development shows this Bitcoin whales have refused to be deterred by the recent price action of the flagship cryptocurrency. Instead, they have chosen to see it as an opportunity to accumulate more BTC. This move could actually prove to be profitable, based on a recent analysis of crypto analyst Ali Martinez.
An increase in Bitcoin whales
Ali Martinez stated in an X (formerly Twitter) after that 46 new entities now own 1,000 BTC or more, marking a 3% increase in just two weeks. Facts BitInfoCharts also shows that there are now 1,898 wallet addresses containing this amount of Bitcoin or more. This is important because it suggests that despite the crisis, more people have become optimistic about the crypto token recent market correction.
These whales undoubtedly have plenty of reason to do so bullish on BTC, as Martinez’s recent Bitcoin analysis suggests the tide could turn soon enough. The analyst emphasized in a X message how historically, price corrections for Bitcoin have been “consistently followed by further upside gains” in bull markets.
As such, he noted that such dips “could provide strategic buying opportunities for those looking to capitalize on Bitcoin’s potential growth.”
Meanwhile, the Discover Bitcoin ETF Issuers contributed to the increase in this figure as they had to accumulate BTC for their respective funds. Facts from on-chain analytics company Arkham Intelligence shows that the world’s asset manager, Black rockcurrently owns over 44,000 BTC for their Bitcoin ETF.
BTC price above $40,000 | Source: BTCUSD on Tradingview.com
BTC still has more bullish momentum
While many in the crypto community continue to speculate whether the bull market is back, there is reason to believe it BTC’s bullish momentum does not fade quickly. In his most recent X messageAli shared how the next market peak could land around 2025 if Bitcoin mirrors past bull runs. Based on this projection, Bitcoin would still have 600 days of bullish momentum ahead of it.
In the meantime, the Bitcoin bulls will have to prevail sales pressure of Bitcoin whales like Grayscale. The asset manager had to shed a significant portion of its BTC holdings due to the amount of outflows it continues to record from its Spot Bitcoin ETF. GBTC investors like FTX would take profits as the fund had been trading on target significant discount to the price of Bitcoin for now.
At the time of writing, Bitcoin is trading around $39,000, up in the past 24 hours. facts from CoinMarketCap.
Featured image of Milk Road, chart from Tradingview.com
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