BTC whales continue to accumulate the largest over the past 27 months
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Answer BTC whales continue to accumulate the largest over the past 27 months
The world’s largest cryptocurrency continues to show its strength since the beginning of this month.
At the time of preparing this article, the bitcoin price is up 4.41% and is currently trading at $51,290 with a market capitalization of $966 billion.
Bitcoin is currently trading at levels that indicate the beginning of the next bullish trend.
According to data collection and analysis platform Santiment, there has been a significant backlog by Bitcoin whales so far, with Bitcoin whale addresses achieving the largest accumulation and aggregation over the past 27 months, i.e. since July 2019.
The “Santiment” platform indicated this by saying:
Bitcoin whale traders holding between 100 and 10,000 bitcoins collected 70,000 bitcoins 10 days ago, the largest accumulation since July 2019.
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Unsurprisingly, prices have gradually returned to over $51,000 as the whales have shown no sign of emptying so far.
On the other hand, as mentioned in previous articles, the supply of Bitcoin in cryptocurrency exchanges has reached its lowest level in 30 months.
Meaning, a significant portion of bitcoin purchases have moved to cold wallets so far.
Long-term optimism for Bitcoin holders:
Long-term holders of Bitcoin were on a massive cumulative spree after the supply held on cryptocurrency exchanges fell exactly earlier this year in March 2021.
According to data from Glassnode, these long-term bitcoin holders have amassed 13 times more bitcoin than they have been mined in the last seven months.
Glassnode explains this by saying:
Long-term bitcoin holders have added $2.35 million worth of bitcoin to their wallets since the supply plunged in March.
In the same period, only $180,000 of Bitcoin was mined.
This means that long-term bitcoin holders have amassed 13 times as many cryptocurrencies as the new issuance over the past seven months.
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The Bitcoin accumulation pattern clearly shows that we are heading towards the beginning of the next bullish trend.
Many analysts are optimistically predicting at least $100,000 in bitcoin by the end of this year.
Besides, all eyes are currently on the possible approval of the Bitcoin ETF by the end of this year by the SEC and many analysts see it as the fuse that will ignite the price of Bitcoin to reach the level of 100,000 dollars.
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