Whales have continued accumulating Bitcoin; a bullish sign?
An important blockchain metric that predicted Bitcoin’s plunge in May is giving up some positive and potentially bullish signals. It looks like the big wealthy players in crypto space are making a comeback as the number of coins held by ‘whales’ hit the highest level since May.
This according to data from Glassnode, that showed that whales, those holding 1,000 to 10,000 Bitcoin, increased their holdings with near 100,000 to 4.214 million Bitcoin. The data further disclosed that the total number of whales hit a three-week high of 1,922 entities.
Whales are important actors in the crypto and especially Bitcoin market. In tandem with Bitcoin’s price development during the latest run of significant price increase from, whales’ holding rose to record highs of 4.542 million Bitcoin on February 8. They were the main drivers of Bitcoin’s surge from $10,000 to almost $60,000. Their recent accumulation can be seen as good news.
Since May, whales had been selling and thereby putting the breaks on the latest bull run. Their holdings had dropped almost 10% in the beginning of May to 4.17 million coins.
This led to the latest price correction with Bitcoin dropping 35% in May and smaller investors not able to compensate for the whales’ actions. Bitcoin has since then been trading sideways with here and there some 10% swings up and down.
With the whales back in the game, it may be that the bottom has been reached and part 2 of the bull run can continue.
At time of writing Bitcoin is trading at $34,151, according to CoinMarketCap data.
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Author: Peter Siu