According to CryptoQuant, the increased accumulation of “whales” is a sign that the Bitcoin bull market is still ongoing.

According to blockchain data, Bitcoin whale appetite has returned for the first time since BTC prices hit an all-time high in March.

“Whales are now back with strong buying, suggesting that the current price is suitable for buying and accumulation despite widespread concerns,” market analysis firm CryptoQuant tweeted on Friday.

Analysts point to an increase in the 30-day percentage change in the number of Bitcoin held by whale addresses, along with an increase in the total number of BTC held by whales.

In on-chain terms, a 'whale' is the owner of any Bitcoin address holding between 1,000 BTC and 10,000 BTC, excluding those controlled by miners and exchanges. pandemic.

“In general, whales buy Bitcoin at a faster rate during bull markets and slow down when the market turns bearish,” said Julio Moreno, head of research at CryptoQuant.

Throughout March, whales increased their BTC holdings by more than 9.8%. They continued to accumulate in April, but the accumulation rate dropped to just 4.2% on May 1, when Bitcoin price fell more than 20% from its high to below $57,000.

As of May 22, the index was back at 5.5%, meaning whale accumulation has returned after the market bottomed. In early May, CryptoQuant CEO Ki Young Ju noted that whales had scooped up 47,000 BTC during the sharp market drop.

According to Moreno, whale investments in Bitcoin have more than doubled from $57 billion to $122 billion since the beginning of the year. This is measured by observing the “real value” of whale owners – the total value of all whale coins based on when each coin was purchased, rather than the current market value at them.

Glassnode lead analyst James Check said that the total realized value of the Bitcoin network has now reached an all-time high of $578 billion, “meaning Bitcoin's foundation has never been stronger. ”

“In my view, we are quite far from the true euphoria phase of this bull market,” Check added. “You could argue that we are on the border between enthusiasm and excitement, but not quite there yet.”


Source: https://tapchibitcoin.io/ca-voi-bitcoin-dang-quay-lai-mua-btc-cryptoquant-phan-tich.html