In a surprising turn of events during the recent price correction, Bitcoin whales have demonstrated a strong vote of confidence in the leading cryptocurrency by accumulating nearly $1 billion worth of BTC within a mere 24-hour period. This massive accumulation, totaling 15,121 BTC, marks the highest level of whale activity in two weeks and suggests a significant shift in market sentiment.
Bitcoin’s Movements and Impact of Whale Activity
Bitcoin’s price has been more volatile than usual in recent weeks. It’s been ranging from $60,000 to $64,000, and whales have taken the opportunity to increase their holdings. This accumulation wave follows after selling and profit-taking activities from investors, which shows conviction even at higher prices.
Santiment, a leading blockchain analytics platform, views this move as a clear signal of whales’ confidence in Bitcoin as an asset. Moreover, industry experts cite this surge in accumulation as the beginning of a re-accumulation phase, potentially paving the way for a bullish reversal soon.
Increased Bullish Sentiment
The timing of this accumulation is interesting because inflows into the Bitcoin network have been steadily increasing. About a week ago, Bitcoin Whales acquired a staggering 47,000 BTC in a single day, valued at almost $3 billion. This influx of capital into the market led CryptoQuant CEO Ki Young Ju to suggest that this may start a new chapter for Bitcoin.
Further reinforcing the bullish sentiment, prominent Bitcoin analyst Willy Woo recently observed renewed interest from BTC investors. While he mentioned that it may take some time to confirm this trend reversal, the underlying data suggests a growing appetite for Bitcoin among institutional players.
Reduced Selling Pressure
Additionally, on-chain metrics looked at by analysts from Bitfinex show a potential weakening of selling pressure for Bitcoin. This, coupled with positive flows in the U.S. spot Bitcoin ETF market, further highlights the growing conviction in Bitcoin’s long-term potential.
The recent whale accumulation of nearly $1 billion worth of Bitcoin in just one day is a clear bullish signal for the crypto market as a whole. Despite short-term price fluctuations, institutional and large-scale investors remain certain in their belief in Bitcoin’s value proposition. As the market enters a re-accumulation phase, all eyes are on Bitcoin’s trajectory, with many anticipating its next move.
