Cryptocurrency Whales Are Hoarding Bitcoin: Are New Purchases Preparation for a Bull Rally?

Cryptocurrency whales purchasing large amounts of Bitcoin stimulated the market.

According to data provided by the on-chain analysis platform Lookonchain, cryptocurrency whales have started purchasing large amounts of Bitcoin.

The data revealed that 2 different whales purchased 1,210 Bitcoins worth $86 million on June 5. While the whales made their purchases in one go, they preferred to keep all their Bitcoin assets in their private wallets.

Searching for a new peak?

While spot Bitcoin ETF inflows have been positive for 16 days, the concentration of whales on Bitcoin was interpreted as a signal of searching for a new peak.

The second largest purchase in the history of the spot Bitcoin ETF on June 4 clearly demonstrated the increasing interest of institutions.

By comparing the halving cycle with historical data, many cryptocurrency analysts have predicted that the Bitcoin price will position itself higher in the coming months and the bull will even last until September 2025.

According to CoinGecko data, Bitcoin, which has increased by 0.2% in the last 24 hours, is traded at $ 70,920 at the time of writing.