Bitcoin whales have been very active in recent days, as the crypto continues to trade below $68,000. Notably, the on-chain data shows a trend of accumulation among Bitcoin whales, with major attacks of the cryptocurrency leaving crypto exchanges in private wallets. These massive transfers appear to have piqued the interest of some investors keeping an eye on the situation, as this accumulation pattern points to a future price increase.
According to several reports from whale transaction tracker Whale Alerts, Bitcoin whales recently transferred $2.3 billion worth of BTC in the span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that more than 25,000 BTC worth approximately $1.60 billion had been transferred to accumulation addresses.
Bitcoin Whale Accumulation Signal Price Rises Forward
Bitcoin has largely done that traded below $69,000 since March 15, and is struggling to regain momentum rockets past $70,000 earlier in the month. Interestingly, Bitcoin fell to $61,766 last week, marking a 16% decline from its all-time high.
In the meantime, explore Bitcoin ETFs saw consistent outflow during the week, which was led by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became a major concern for investors as it was a sign of the bullish sentiment surrounding BTC maybe it will finally end.
However, on-chain data now tells a different story of strong bullish sentiment from Bitcoin whales. Data from Whale Alerts shows large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth $517 million. from Coinbase in a new private wallet. Shortly after, 8,172 BTC worth $519 million were transferred from Coinbase in another new private wallet. Interestingly, the whale tracker’s various alerts on March 22 together accounted for $2.3 billion worth of BTC to and from crypto exchanges.
Analyst Ali Martinez noted that these transfers totaled $1.6 billion for accumulation addresses, the largest inflows so far this year.
Yesterday more than 25,000 #Bitcoinworth about $1.60 billion, were transferred to accumulation addresses, marking the highest inflow there $BTC purses so far this year! pic.twitter.com/mAIHkG9ROC
— Ali (@ali_charts) March 23, 2024
According to CryptoQuant dataThis accumulation trend has put Bitcoin reserves on exchanges in a downward trend since March 21. At the time of writing, the Bitcoin exchange reserve stands at 1.98 million BTC.
In short, whale accumulation tends to turn the balance bullish among other traders. Fundamental factors surrounding Bitcoin, such as the upcoming halving, point to price growth in the near future. making it an ideal moment for investors position themselves on the market.
At the time of writing, Bitcoin is trading at $67,478. An important price point to keep an eye on is $69,000. If Bitcoin breaks above this resistance level, it will could rise even further with the accumulation trend.
BTC price at $67,000 | Source: BTCUSD on Tradingview.com
Featured image from GoBankingRates, chart from Tradingview.com
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