✅✅ Blockchain Data: Bitcoin Whale Activity Surging, Confidence in Bull Market Returning
$BTC Bitcoin whales, large holders of the cryptocurrency, have shown an increased appetite for accumulating more coins, signaling a return of confidence in the bull market, as per blockchain data.
Whales Buy Bitcoin Aggressively During Bull Markets
Whales, defined as owners of Bitcoin addresses holding between 1,000 BTC and 10,000 BTC (excluding mining firms and crypto exchanges), tend to buy Bitcoin more aggressively during bull markets and reduce their buying activity during bear markets.
The amount of money invested by whales in Bitcoin has significantly grown from $57 billion to $122 billion since the beginning of the year, as observed through the “realized cap” metric, which considers the total value of all whale-held coins based on their purchase time rather than the current market value.
Bitcoin’s price has recently risen to $68,760, marking a 3% increase over the week and reflecting the renewed optimism in the market.
Institutional Investors Increase Crypto Exposure
Nearly 40% of institutional investors had some exposure to crypto assets in 2023, a notable rise from the 31% recorded in 2021.
Aside from 10x Research, some other analysts have also turned bullish on Bitcoin following weeks-long consolidation.
Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum, forecasting a potential return to the highs of $74,000.
