Bitcoin whales have continued to show their resilience and unwavering bullishness on the flagship crypto. This category of investors has accumulated a significant amount of the crypto token in the last seven days amid heightened volatility in Bitcoin’s price.
Bitcoin Whales Accumulate $1.4 Worth Of BTC
Data from the market intelligence platform IntoTheBlock shows 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’s recent price surge above $70,000.
Furthermore, these whales’ purchases suggest that volume is picking up for the flagship crypto, which could help trigger more price rallies. Moreover, on-chain analytics platform Glassnode noted in a recent market report that the selling pressure on Bitcoin was declining. Therefore, Bitcoin’s price looks primed to take off sooner rather than later with significant buys like the one made by these whales.
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Meanwhile, institutional investors are also back in the fold and look to be doubling their bets on the flagship crypto. This is evident in the fact that inflows into the Spot Bitcoin ETFs have picked up over the last two weeks. Data from Farside Investors shows that these funds have taken in almost $800 million in this week alone.
Crypto analyst James Check (also known as Checkmatey) noted in a recent market report that these funds could lead the next wave of demand, driving Bitcoin’s price to a new all-time high (ATH). These Spot Bitcoin ETFs have already been instrumental to Bitcoin’s growth this year, with the flagship crypto hitting its current ATH of $73,750 earlier in March.
Like Check, crypto analyst Gustavo Faria also noted in a recent blog post that there are signs that a new wave of demand is emerging. This has raised the possibility of the next rally happening even sooner than expected. Crypto analysts like BitQuant have provided insights into how high Bitcoin could rise on its next leg up, predicting that the crypto token will reach $95,000.
No Need To Worry About Price Dips
On-chain analytics platform Santiment suggested there was no need to worry about any price correction for Bitcoin as the bulls have enough capital to buy up these dips. The platform highlighted that the amount of non-empty stablecoin wallets is rising, indicating that more whales are loading up their bags to invest in the crypto market.
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Specifically, USDC non-empty wallets have grown by over 13%, and Tether non-empty wallets have grown by over 15%. This figure is expected to keep rising as the bull run progresses later in the year.
At the time of writing, Bitcoin is trading at around $67,200, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
