Bitcoin
Bitcoin whales exhibit bull market behavior with strong buying spree
Bitcoin whales exhibit bull market behavior with strong buying spree
Bitcoin (BTC) Whales, large holders of the cryptocurrency, resumed their buying spree after a pause following Bitcoin’s all-time high in March. Market intelligence company CryptoQuant reported an increase in the 30-day percentage change in whale address holdings, indicating a growing interest in accumulating Bitcoin at current price levels.
In March, whales increased their BTC holdings by more than 9.8%. Although its accumulation continued into April, the growth rate slowed to 4.2% on May 1, coinciding with a significant market crash that saw the price of Bitcoin plummet more than 20% to below $57,000. However, since hitting a market low, the accumulation rate has recovered to 5.5% on May 22, signaling renewed interest from whales. During the market crash in early May, whales acquired 47,000 BTC, as highlighted by CryptoQuant CEO Ki Young Ju.
The return of strong buying strength among Bitcoin whales suggests that they perceive current prices as favorable for buying and accumulation. Whales, defined as owners of Bitcoin addresses that hold between 1,000 BTC and 10,000 BTC, excluding mining companies and cryptocurrency exchanges, tend to increase their buying activity during bull markets and reduce it during bear phases.
Bitcoin’s current price is $69,065, gaining 0.24% in the last 24 hours and 3.58% for the week. Notably, the amount of money invested by whales in Bitcoin has more than doubled, rising from $57 billion to $122 billion since the start of the year, based on the observed “realized cap” of whale coins. The limit taken considers the total value of the coins owned by the whales at the time of purchase, and not their current market value.