Bitcoin supply reduces while exchange reserves go down from 3.3M to 2.5M BTC, pushing prices higher in 2023 and 2024.
Whale accumulation Shows growing demand, with experienced investors holding 4M BTC by 2024, up from 1M in 2015.
Rising demand and shrinking supply drive Bitcoin’s price recovery, reaching $80,000 in 2024 as whales continue buying.
Whale accumulation and a drop in exchange supply are the dynamics considered for shifting Bitcoin supply. In the period from 2022 to 2024, for instance, the supply of Bitcoin in exchanges fell from 3.3 million BTC to 2.5 million metric, which could show reduced supply.
The price reduced to about $20,000 in 2022, recovered very well at approximately $45,000, and reached up to $65,000 before balancing. Bitcoin overshot more than $30,000 in the year 2023, while in 2024, Bitcoin had a stable equilibrium between $50,000 and $60,000. This took place because the movement of the market became enough to be uniform as noted by Crypto Rover.
https://twitter.com/rovercrc/status/1842922256198184990
Prices went up while the reserves decreased, specifically in 2023 and 2024. Demand for Bitcoin increased as reserves shrank to barely 2.5 million BTC. Whale activity also increased throughout the trend, indicating that investors were accumulating large sums of Bitcoin.
Whale Accumulation Signals Strong Demand
According to Cointelegraph, the behavior of the Bitcoin price is influenced by whale accumulation. Research points to a gradual growth in Bitcoin balances by long-term holders, also referred to as "old whales," between 2015 and 2024. Experienced investors' holdings have been steadily rising; from 1 million Bitcoin in 2015 to around 4 million by 2024, this trend has been observed.
https://twitter.com/Cointelegraph/status/1843063689651343550
More whales entered the market after 2020 and quickly acquired Bitcoin. By 2024, they had one million Bitcoins in total. Thus, this rise is in line with the present Bitcoin price recovery, which bounced back to $80,000 in 2024 after experiencing previous drops. The fact that both novice and seasoned whales are involved demonstrates how well-liked Bitcoin is growing as a long-term investment.
Declining Exchange Reserves Driving Price Rally
The increase in the price of Bitcoin is the noticeable decline in exchange reserves. Prices have risen as a result of a supply pressure brought on by the exchanges' progressive drop in supply. It is expected that whales will keep adding to their Bitcoin holdings, which will lower the available amount.
The post Whales on the Rise: How Bitcoin Accumulation is Shaping a Bullish Market appeared first on Crypto News Land.
