According to U.Today, Bitcoin analyst Willy Woo has highlighted a significant trend in the Bitcoin market, a surge in buying activity by high-net-worth holders. Over the past two months, these individuals or entities, also known as 'whales' within the crypto community, have been aggressively accumulating Bitcoin at unprecedented levels. The buying spree has been occurring while Bitcoin prices have been ranging between $60,000 to $70,000. These high-net-worth holders possess between 100 and 1000 BTC, equating to roughly $6.5 million - $65 million of Bitcoin.
This aggressive buying behavior raises questions about whether these whales have insights that the rest of the market does not. One possible explanation for this surge in activity could be their anticipation of a forthcoming bullish trend on the Bitcoin market. With institutional adoption on the rise, these whales may be positioning themselves ahead of a potential price rally, believing that current levels are an ideal entry point for accumulation. However, the specific motivations for the whales' buying frenzy remain unknown.
Data from on-chain analytics firm IntoTheBlock reveals that Bitcoin whales, or addresses with more than 1,000 BTC, have accumulated significantly in recent months, particularly during price dips. The firm has noticed a trend of dip buying among Bitcoin whales, albeit with waning conviction. 'Whales are buying the dip, but is their conviction dwindling? Addresses holding over 1000 BTC have accumulated strongly in recent months, especially during dips,' IntoTheBlock observed, adding that prices have risen shortly after each accumulation. However, a falling accumulation trend has been noted among these large Bitcoin holders, with each surge in accumulation less than the previous one. This could indicate that whales have less and less appetite to buy the dip. At the time of writing, Bitcoin was down 1.60% in the last 24 hours to $63,003.