According to blockchain data, Bitcoinkits, a major holder of cryptocurrencies, has shown an increased appetite to hoard more coins, and confidence in the bull market is expected to return.
The renewed whale of activity came after the price of #bitcoin hit an all-time high on May 3, after which the market experienced a significant correction.
CryptoQuant, which specializes in market analysis, pointed out the strong buying activity of the whale, which, despite the fear and uncertainty of the market, demonstrates a belief that the current price is favorable for buying and accumulating bitcoin.
Analysts noted an increase in the 30-day percentage change in the number of addresses owned by the whale and an increase in the total #BTC balance owned by the whale.
A "whale" is defined as the owner of a bitcoin address with a balance between 1,000 and 10,000BTC (excluding #mining companies and crypto exchanges), and typically makes bitcoin more aggressive in a bull market.
The "whale" increased BTC reserves by more than 9.8% over the month. While their accumulation rate slowed to 4.2% in May, by May 1, which coincided with a 20% drop in bitcoin's price of more than 57,000, as in May, the rate had risen to 5.5%.
Ki Young Ju, CEO of CryptoQuant, previously noted that Whale purchased 5 BTC during the market's sharp 47,000 drop in early May. This further demonstrates confidence in the asset's long-term prospects.
Since the beginning of this year, the amount of money Whale has invested in bitcoin has increased significantly from 5,570 billion to 1,220 billion, as seen in the Realized Capital figure, which takes into account the total value of all coins in Whale's hands based on when they were purchased, rather than how much was invested. than the current market value.
Bitcoin's price recently rose to 68,760 rubles, marking a 3% gain for the week, reflecting renewed optimism in the market.
BTC is currently trading at 68,700, less than $5,000 away from reaching a new all-time high in U. S. dollars.
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