Bitcoin's major stakeholders experiencing a significant rise in their coin holdings.
In the current crypto climate, it appears that ol' Bitcoin is going through a phase, yo. After a week-long rally, the flagship coin's been chillin' between $103K and $107K. Despite this consolidation, the hodlers with deep pockets, aka the whales, have been ramping up their Bitcoin acquisition, according to on-chain data.
Whales: On a Buying Spree
Even with Bitcoin over the $100K mark, it ain't lost its upward momentum just yet. As the coins slowly find their groove, on-chain data shows the whales' supply steadily growing. These deep-pocketed players have been subtly beefing up their stash following a shift towards bullish moves that led to a new all-time high for BTC.
So, what gives? It appears these whales see BTC as a solid long-term investment and aren't about to let go easily.
accumulAtion Nation: Whales and Long-Term Holders
According to the on-chain expert, Darkfost, the supply held by large investors, particularly those with 1,000–10,000 BTC in their wallets, has been increasing steadily since March 11. And guess what? BTC's price dropped below $78,000 on that fateful day before transitioning into an upward trend. Coincidence? Nah, more like evidence of an accumulation-driven rally.
As of now, the quantity of these big wallets' BTC has gone from 3.3 million to 3.5 million, representing over 5% growth. This significant accumulation could spice up Bitcoin's uptrend even more, potentially setting the stage for a fresh bullish run that could push the prices to new highs.
Short-Term Accumulation Slowdown, But Bullish Confidence Remains
Although accumulation might be slowing down in the short term, Darkfost maintains that it remains relatively strong, despite the new all-time high reached on May 23. "For now, confidence still reigns among the whales," the expert added.
The Whales Ain't Shorting no More
Another indication of bullish sentiment among large Bitcoin investors is a decrease in their interest in opening short positions as prices approach key resistance levels, reports on-chain expert Joao Wedson. According to the Bitcoin Whale Position Sentiment metric, whales have stopped shorting Bitcoin.
So, what's Wedson's prediction? He's confident that Bitcoin might find some relief from here and experience a week of positive price movements. With upside strength building as BTC's price revisited the $106,000 mark earlier today, Wedson emphasizes the importance of staying informed to stay ahead of the game.
Investors with deep pockets, also known as whales, have been steadily increasing their Bitcoin supply, indicating an accumulation of BTC for long-term investment. Despite reaching a new all-time high on May 23, the expert, Darkfost, suggests that confidence remains strong among the whales, with a potential fresh bullish run and new highs on the horizon. On the other hand, whales have shown less interest in opening short positions, signaling a bullish sentiment among large Bitcoin investors.
