In a recent X post, the head of research at CryptoQuant, Julio Moreno, revealed that new Bitcoin whales have injected approximately $100 billion into the market in 2024.
This substantial influx from high-net-worth individuals and institutional investors marks a significant development in cryptocurrency, reflecting growing confidence in Bitcoin's long-term potential.
New whales have brought ~$100B into Bitcoin this year. https://t.co/lF1ehqwWoH
— Julio Moreno (@jjcmoreno) May 31, 2024
Bitcoin whales are typically defined as individuals or entities holding large amounts of BTC with an addition in this category of addresses this year.
Notably, this new inclusion of whales has collectively brought around $100 billion into the Bitcoin market since the beginning of the year.
The $100 billion inflow represents a larger trend of accumulation, which saw $1 billion added daily to new whale wallets.
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In a May 31 X post, CryptoQuant founder Ki Young Ju drew parallels between the current market activity and the patterns observed in mid-2020. Back then, a similar phase of whale accumulation preceded a bull run that saw Bitcoin's price reach $69,000 in 2021.
The current scenario suggests that history may be echoing itself, with high on-chain activity and daily additions of $1 billion to new whale wallets.
The implications of this trend are manifold. For one, it indicates a heightened market interest and potential bullish sentiment among investors.
Despite the low levels of price volatility, the significant movement into BTC by these whales could be setting the stage for another rally. Analysts are closely watching Bitcoin's price resistance around $72,000, with predictions that overcoming this threshold could lead to new all-time highs, possibly around $75,000.
When writing, BTC was down 0.25% in the last 24 hours to $67,734. The price of Bitcoin (BTC) has traded in an exceptionally tight trading range of around $68,000 since the past week but declined to near $66,584 on Friday.