According to blockchain data, Bitcoin whales are buying BTC en masse again. These major purchases are taking place for the first time since Bitcoin’s price reached its all-time high in March.
“The whales are now returning with strong purchasing power, indicating that current prices are suitable for purchasing and accumulation, despite widespread fear,” market research firm CryptoQuant tweeted on Friday.
Bitcoin Whales Return With Mass Buys
An investor is called a whale if he owns between 1,000 and 10,000 Bitcoin, excluding exchanges and mining companies.
“In general, whales buy Bitcoin more quickly during bull markets and reduce their purchases when the market shifts into a bear market,” according to CryptoQuant.
In March 2024, crypto whales bought a huge amount of BTC, increasing their holdings by 9.8%. Although they continued to buy in April, they did so at a slower pace, up only 4.2%. According to analysts, this was because the price then fell by more than 20% to a low of $57,000.
Now that the price has risen again, this is immediately reflected in the purchases of crypto whales. By May 22, the metric had returned to 5.5%, meaning whale accumulation is back on the rise after the market correction. At the beginning of May, CryptoQuant CEO noticed Ki Young Ju noted that whales had bought 47,000 BTC during the dip.
All signals are green for the crypto market
All signals seem to be turning green again for the crypto market. Especially now that an Ethereum Spot ETF was approved last week. Regulators in America appear to finally be regulating and embracing crypto.
In addition, Bitcoin ETFs have also seen a large inflow of capital in recent weeks. All this together could mean that we are not far away from the real euphoria phase of this bull market.
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Source: https://newsbit.nl/crypto-whales-kopen-weer-massaal-bitcoin-fantastisch-nieuws-voor-de-markt/
