Bitcoin whales have continued to show their resilience and unwavering bullishness on the flagship crypto. This category of investors does accumulated a significant chunk of the crypto token in the past seven days amid increased volatility in Bitcoin’s price.
Bitcoin Whales collect $1.4 worth of BTC
Facts of the market information platform InHetBlok shows that Bitcoin addresses holding between 1,000 and 10,000 BTC have collectively accumulated 20,000 BTC ($1.4 billion) in the last seven days. This accumulation coincides with The recent rise in the price of Bitcoin above $70,000.
Furthermore, the purchases of these whales suggest that the volume of the flagship crypto is increasing, which could help trigger more price increases. Moreover, on-chain analytics platform Glassnode noted in one recent market report that selling pressure on Bitcoin subsided. Therefore, Bitcoin’s price seems poised to skyrocket sooner or later with significant purchases like those of these whales.
Related reading
In the meantime, institutional investors are also back in the fold and appear to be doubling down on their bets on the flagship crypto. This is evident from the fact that the inflow into the Discover Bitcoin ETFs have increased over the past two weeks. Facts from Farside Investors shows that these funds raised almost $800 million this week alone.
Crypto analyst James Check (also known as Checkmate) noted a recent market report indicated that these funds could fuel the next wave of demand, pushing Bitcoin’s price to new levels all-time high (ATH). These Spot Bitcoin ETFs have already played a major role in Bitcoin’s growth this year, with the flagship crypto reaching its current ATH of $73,750 earlier in March.
Like Check, crypto analyst Gustavo Faria also recently noted blog post that there are signs that a new wave of demand is emerging. This has raised the possibility that the next rally will happen even earlier than expected. Crypto analysts like BitQuant have provided insight into how high Bitcoin could rise in the next phase, predicting the crypto token will reach $95,000.
You don’t have to worry about price drops
On-chain analytics platform Santiment suggested that there was no reason to worry about a price correction for Bitcoin because the bulls have enough capital to buy up these dips. The platform marked that the amount of non-empty stablecoin wallets is rising, indicating that more whales are packing their bags to invest in the crypto market.
Related reading
Specific, USDC non-empty wallets have grown by more than 13%, and Tether non-empty wallets have grown by more than 15%. This figure is expected to continue to rise as the bull run progresses later this year.
At the time of writing, Bitcoin is trading around $67,200, down more than 3% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com