Markets
Bitcoin whales show bullish market behavior with a strong buying wave
Bitcoin whales show bullish market behavior with a strong buying wave
Bitcoin (BTC) Whales, large holders of the cryptocurrency, have resumed their buying spree after a pause following Bitcoin’s all-time high in March. The market intelligence company CryptoQuant reported a surge in the 30-day percentage change of owned whale addresses, indicating growing interest in accumulating Bitcoin at current price levels.
By March, Whales had increased their BTC holdings by more than 9.8%. Although their accumulation continued into April, the growth rate slowed to 4.2% by May 1, coinciding with a significant market decline that saw the price of Bitcoin plummet by more than 20% to less than $57,000. However, since the market bottomed, the accumulation rate has rebounded to 5.5% as of May 22, signaling renewed interest from whales. During the early May market decline, whales reportedly acquired 47,000 BTC, as highlighted by CryptoQuant CEO Ki Young Ju.
The return of strong purchasing power among Bitcoin whales suggests that they perceive current prices as conducive to buying and accumulating. Whales, defined as owners of Bitcoin addresses holding between 1,000 BTC and 10,000 BTC, excluding mining companies and cryptocurrency exchanges, tend to increase their buying activity during bull markets and reduce it during bear markets.
The current price of Bitcoin is $69,065, up 0.24% in the last 24 hours and 3.58% for the week. Notably, the amount of money invested by whales in Bitcoin has more than doubled from $57 billion to $122 billion since the start of the year, based on the observed “realized cap” of whale coins. The realized limit considers the total value of the coins owned by the whales at the time of purchase, rather than their current market value.