U.Today – In a recent
This large influx of high-net-worth individuals and institutional investors represents a significant development for the cryptocurrency, reflecting growing confidence in Bitcoin's long-term potential.
Bitcoin whales are typically defined as individuals or entities holding large amounts of Bitcoin with an addition in this category of addresses this year.
Notably, this new inclusion of whales has collectively brought about $100 billion into the Bitcoin market since the beginning of the year.
The $100 billion inflow represents a larger trend of accumulation, which has seen $1 billion added daily to new whale wallets.
In a post dated May 31, CryptoQuant founder Ki Young Ju drew parallels between current market activity and patterns observed in mid-2020. At the time, a similar phase of whale accumulation was preceded by a bull run that saw the price of Bitcoin reach $69,000 in 2021. .
The current scenario suggests that history may repeat itself, with high on-chain activity and daily additions of $1 billion to the wallets of new whales.
The implications of this trend are multiple. On the one hand, it indicates increased interest in the market and potential bullish sentiment among investors.
Despite the low levels of price volatility, a significant move towards Bitcoin by these whales could pave the way for another rally. Analysts are closely monitoring Bitcoin price resistance at around $72,000, with expectations that overcoming this threshold could lead to new all-time highs, perhaps around $75,000.
At the time of writing, Bitcoin was down 0.25% over the past 24 hours to $67,734. The price of Bitcoin (BTC) has been trading in an exceptionally narrow trading range of around $68,000 since last week but fell to nearly $66,584 on Friday.