Bitcoin

Bitcoin Whales Bullishly Buy Up Cryptocurrency

Bitcoin (BTC) whales, significant holders of the cryptocurrency, have reignited their purchasing activity after a brief pause following Bitcoin’s record high in March. According to market intelligence firm CryptoQuant, there has been a notable increase in the 30-day percentage change in whale address holdings, suggesting a renewed interest in accumulating Bitcoin at current price levels.

In March, whales had boosted their BTC holdings by more than 9.8%. While their accumulation persisted into April, the growth rate slowed to 4.2% by May 1, coinciding with a significant market downturn that saw Bitcoin’s price drop by over 20% to below $57,000. However, since reaching the market bottom, the accumulation rate has rebounded to 5.5% as of May 22, indicating a resurgence in whale interest.

During the market downturn in early May, whales reportedly acquired 47,000 BTC, as highlighted by CryptoQuant CEO Ki Young Ju. The return of robust buying activity among Bitcoin whales suggests that they view current prices as advantageous for accumulation. Whales, typically defined as holders of Bitcoin addresses containing between 1,000 BTC and 10,000 BTC, excluding mining entities and crypto exchanges, tend to increase their buying during bull markets and decrease it during bearish phases.

Bitcoin is currently priced at $69,065, showing a 0.24% increase over the past 24 hours and a 3.58% rise over the week. The investment in Bitcoin by large investors, known as whales, has notably increased this year. Specifically, the amount of money they’ve put into Bitcoin has more than doubled, rising from $57 billion to $122 billion. This growth is calculated based on the realized cap of whale coins, which accounts for the total value of coins owned by whales at the moment of purchase, rather than their current market value.

Featured Image: Freepik

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