Bitcoin whales They continue to show their resilience and unwavering bullish trend on the flagship cryptocurrency. This category of investors has Accumulated A large amount of cryptocurrencies in the past seven days amid increasing volatility in Bitcoin price.
Bitcoin whales accumulate $1.4 worth of BTC
Data From the market information platform IntoTheBlock It appears that Bitcoin addresses holding between 1,000 and 10,000 BTC have combined to accumulate 20,000 BTC ($1.4 billion) over the past seven days. This accumulation coincides with Bitcoin prices have risen recently More than $70,000.
Furthermore, these whales' purchases indicate rising volume for leading cryptocurrencies, which could help spur further price rises. Furthermore it, Glassnode on-chain analytics platform He pointed out in A Latest market report The selling pressure on Bitcoin is decreasing. Therefore, it looks like the price of Bitcoin is set to take off sooner rather than later with big purchases like the ones made by these whales.
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while, Institutional investors They are also back in the fold and looking to double down on their bets on the flagship cryptocurrency. This is evidenced by the fact that the inflows to Bitcoin ETFs Taken within the last two weeks. Data Farside Investors shows that these funds took in nearly $800 million this week alone.
Cryptocurrency analyst James Cheek (also known as kakamati) male In a recent market report, the latest market report noted that these funds could drive the next wave of demand, pushing the price of Bitcoin to a new high. All time high (ATH). Spot Bitcoin ETFs have already played an instrumental role in Bitcoin's growth this year, with the flagship cryptocurrency reaching its current ATH of $73,750 earlier in March.
Like Check, cryptocurrency analyst Gustavo Faria also recently pointed out Blog post There are signs of the emergence of a new wave of demand. This has raised the possibility of the next rally occurring sooner than expected. Cryptocurrency analysts like BitQuant She provided insights into how high Bitcoin could go next, predicting that the cryptocurrency token could reach $95,000.
You don't have to worry about falling prices
Santiment on-chain analytics platform He noted that there is no need to worry about any Bitcoin price correction as the bulls have enough capital to buy these dips. Platform Highlight That amount Non-empty stablecoin wallets is on the rise, indicating that more whales are loading their bags to invest in the cryptocurrency market.
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especially, Non-empty USDC wallets grew by more than 13%, and Link non-empty wallets It grew by more than 15%. This number is expected to continue to rise as the uptrend progresses later in the year.
At the time of writing, Bitcoin is trading at around $67,200, down more than 3% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
