Bitcoin whales have always been a topic of interest in the crypto world. These individuals or organizations holding large amounts of Bitcoin can influence the market through their buying and selling activities. Now, according to on-chain analytics firm Santiment, Bitcoin whales are quietly accumulating again since profit-taking occurred on April 11 when the price surpassed $30,000.
Santiment reported on Twitter that addresses holding between 100 and 10,000 BTC have accumulated 64,094 BTC since April 11, when prices fluctuated and fell slightly. This is a notable increase in buying activity, as the price of Bitcoin has been trending lower in recent weeks.
At the time of writing, Bitcoin is trading above $29.00. The asset rose slightly to $29,301 in the past 24 hours. Bitcoin fell after hitting a high of $30,050 on Wednesday. At present, Bitcoin has once again failed to regain the $30,000 mark and is confined to a narrow trading range of $28,000-29,900.
Despite short-term price volatility, the recent accumulation of Bitcoin whales may indicate that they believe in the long-term potential of the cryptocurrency. It is not uncommon for whales to accumulate during market declines and corrections, as they view these times as buying opportunities.
However, it is worth noting that the predictions or actions of Bitcoin whales are not always correct. Whales have been accused of market manipulation in the past, and their activities have caused significant volatility in the cryptocurrency market.
As the cryptocurrency market continues to grow and mature, Bitcoin whale activity will continue to be closely watched by traders and investors. It remains to be seen whether their accumulation will drive a significant price surge, but it is clear that they remain an important factor in the crypto ecosystem.
- As Bitcoin price hovers around $30K, a whale claims to own 23,500 Bitcoin worth over $710 million
- Whale activity could prevent Bitcoin from reaching $30,000
board take
according to Kyptos
