Bitcoin Whales Started Accumulating: Buying Pressure Could Move the Price Up!

The recent behavior of cryptocurrency whales continues to concern the market closely.

Analyst of on-chain analysis platform CryptoQuant evaluated the behavior of Bitcoin whales. He stated that the whales have entered the accumulation process again after an intense distribution period in March.

He noted that this situation created buying pressure and the market started pricing accordingly. The analyst reminded that the accumulation and distribution pattern directly affects pricing.

He emphasized that especially long-term investors are involved in the accumulation process and clearly believe in the continuation of the rise in Bitcoin:

By default, institutional investors buy and sell based on market opportunities and generally do not have a long-term vision. Unlike convinced Bitcoin investors who aim to build long-term reserves, whales generally seek medium-term profits. After a busy distribution period in March, institutional investors have started the accumulation process again in the last two weeks. This buying pressure has already begun to affect market prices, but is expected to intensify in the coming weeks.

Note: I mentioned an important project in the pinned tweet. I definitely recommend you to read it.