Bitcoin Whales’ Buying Appetite Returns, On-Chain Data Shows

As a researcher with a background in cryptocurrency and blockchain technology, I’ve been closely monitoring the Bitcoin market for quite some time now. Based on my analysis of the latest developments, it seems that the recent correction in Bitcoin price after hitting an all-time high of $71,000 last week may not be a cause for concern. Instead, the return of Bitcoin whales to the market could indicate renewed buying interest and potential price growth.

The price of Bitcoin has taken a breather following its dramatic rise to nearly $71,000 due to the Ethereum ETF’s approval announcement. Since then, it has retreated slightly to around $67,000 and seems to be stabilizing within a narrower trading band.

As an analyst, I’ve noticed an intriguing trend: Bitcoin whales have recently become more active, purchasing substantial quantities of Bitcoin over the past few days. This development raises an important query: Could the renewed buying frenzy of these whales propel Bitcoin to a new all-time high price?

Is A Return To All-Time High Imminent?

An anonymous expert posted on CryptoQuant’s Quicktake that the holding levels of Bitcoin’s large investors, referred to as whales, have risen noticeably. This renewed activity is indicated by two key metrics: the current total amount of Bitcoin held by these investors and a moving average that measures the percentage change in their balances over the past 30 days.

Individuals or organizations possessing large quantities of a cryptocurrency, such as at least 1,000 Bitcoins, are referred to as “significant investors” or “crypto-behemoths.” Their substantial holdings grant them the power to significantly impact price fluctuations and market trends through their trading activities.

In a recent Quicktake analysis, an on-chain expert observed that there has been a notable uptick in the monthly growth rate of cryptocurrency held by large investors, or “whales,” as well as a continuous expansion in their collective balance. The anonymous commentator made this observation.

After a two-month lull in their Bitcoin purchasing activity starting from March, whales have once again shown a significant interest in buying the cryptocurrency.

Bitcoin Whales’ Buying Appetite Returns, On-Chain Data Shows

Observing the graph, it was noted that Bitcoin whales boosted their possessions by over 11% during March, coinciding with BTC‘s new peak price of $73,737. In contrast, the rate at which Bitcoin was being accumulated levelled off in April, with a 30-day percentage change hovering near 3% by month’s end.

As a researcher studying the cryptocurrency market trends, I’ve noticed an uptick in Bitcoin accumulation during May. Specifically, the monthly percentage change for Bitcoin has surpassed 5% as of May 24th. According to CryptoQuant’s analysis, this trend is worth keeping an eye on.

Whales are back in the market with significant purchasing power, implying that present prices are attractive for acquisition and stockpiling, overriding the prevailing anxiety.

If the rate at which whales are amassing Bitcoin (BTC) approaches the levels seen in March, it becomes more probable that the price of Bitcoin will not only revisit its current record-high but could even exceed it. This notion gains further credence given that Bitcoin reached a new peak when whales accumulated BTC at a comparable pace in the past.

Bitcoin Price At A Glance

At the moment of writing this, Bitcoin’s price hovers around $69,216 on the market. This represents a minimal growth of merely 0.8% within the last day.

Bitcoin Whales’ Buying Appetite Returns, On-Chain Data Shows

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2024-05-26 14:46