- Bitcoin Whale has collected 3577 tokens worth $330 million
- BTC has risen 9.93% during this period
Since hitting a local low of $66,978, Bitcoin [BTC] has experienced a strong rebound with new ATHs achieved five times. With a new ATH of $99,388, BTC not only results in higher profitability for existing holders, but also attracts new holders due to the fear of missing out (FOMO).
Although whales rarely accumulate when crypto assets reach higher highs, most major holders continue to accumulate during this rally.
Bitcoin Whale collects $330 million worth of tokens
According to on-chaintracker Look at chainwhales continue to collect BTC. As such, a whale has amassed a total of 3,577 Bitcoin tokens worth $330 million over the past four days. This continued accumulation has expanded the total holdings to 25298 tokens worth $2.5 billion.
When whales pile up, it signals their confidence in the market and anticipates a further increase in prices.
Source: Santiment
This bullishness among whales was evidenced by the fact that Bitcoin’s MVRV difference between long and short term has increased to 21.05% over the past week. When this increases, it shows that long position holders are making profits and expecting price gains.
Source: IntoTheBlock
Additionally, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio has fallen from 3.77% to 0.55% on the weekly charts. Such a sharp decline suggests that large holders are increasing their holdings and withdrawing their BTC from the exchanges.
Source: IntoTheBlock
Finally, Bitcoin’s large transaction count has risen to a weekly high of 32.02k. This shows that major investors are actively involved in this rally and are playing a central role in the recent price rise.
Accordingly, we can see that these transactions are purchases and transfers to private portfolios, based on our previous observation of the net flow ratio.
This therefore shows that the market is experiencing positive sentiment and that major investors are very bullish.
Impact on BTC price charts?
As expected, the increased accumulation and activity of whales has had a huge impact on BTC price charts.
Read Bitcoin’s [BTC] Price forecast 2024-25
In fact, in recent days, as the aforementioned whale piled in, Bitcoin has risen from $90,407 to $99,000.
Likewise, BTC has risen 12.82% over the past week to trade at $98,940 at the time of writing. This implies that BTC is experiencing strong upside momentum amid increased whale activity.
