- Bitcoin whales have amassed 20,000 BTC worth $2 billion in the last 24 hours
- However, in terms of price, the crypto appreciated by only 1.39%
Bitcoin [BTC] has shown significant resilience over the past 24 hours, with the crypto rising from a low of $96,463 to regain $100,000.
Needless to say, the prevailing market momentum has caused analysts and other key holders to deliberate on the factors underlying this. According to popular crypto analyst Ali Martinez, whale activity could fuel BTC’s strong movement lately.
Bitcoin whales collect 20,000 tokens
In his analysis states Martinez noted that whale accumulation for BTC is now going parabolic. According to him, whales have raised 20,000 BTC tokens worth $2 billion in the last 24 hours alone.
Source:
When whales accumulate assets, it shows the confidence of institutional and large holders in the market prospects. Often, greater accumulation of whales precedes price increases.
Historically, massive whale activity has significantly affected the price of BTC. For example, in July 2020, following the Covid market crash in March, whale accumulation grew exponentially, leading to a 550% increase in BTC between July and January 2021.
Source: CryptoQuant
Likewise, whale accumulation reached a daily high of 50.1 thousand on March 25, 2024, according to CryptoQuant. This led to the price of BTC rising from a low of $63,000 to $72,000.
This trend occurred again on November 26, 2024, when inflows reached a daily high of 36.6 thousand. At the time, the cryptocurrency climbed from $90,742 to $103,647.
Source: CryptoQuant
This accumulation trend has occurred again in the past 24 hours. For example, the net flows of major Bitcoin holders increased by 1453.8% from 1,84,000 to 28,57,000. This indicated that there were more capital inflows from whales than outflows.
This also hinted at higher accumulation rates among large holders as they continue to pump money into crypto.
Source: IntoTheBlock
Furthermore, the overall market has seen a strong accumulation trend lately, with more and more investors delisting their tokens from exchanges. As a result, the outflow volume has increased persistently during this period. This meant that whales, along with retailers, have been actively hoarding their assets in anticipation of further profits.
Based on historical data, the accumulation of BTC whales results in price increases due to buying pressure, contributing to a supply shortage.
Impact on BTC price charts
As expected, the crypto charts have seen significant appreciation over the past 24 hours, with Bitcoin briefly pushing past $100,000 again.
Read Bitcoin’s [BTC] Price forecast 2024-25
With strong whale accumulation, BTC could be well positioned for more gains. Historically, higher cash inflows have had a huge impact on BTC price charts.
If these conditions hold, BTC will reclaim $103,600 and be on its way to a new high.