Despite Bitcoin’s rather weak price movement, another whale address has emerged that has 100K+ Bitcoin tokens held in it. This was reported by the crypto-analytic Santiment which tweeted,
“For the first time since June 24th, Bitcoin has a 2nd whale address with 100k+ $BTC tokens held. There are also now 233 new addresses with 1,000+ $BTC in them, a clear All-Time High”
Bitcoin made a swift recovery after falling below $30k on Wednesday. By the looks of it, whales have tried to buy the level to avert a further breakdown after reclaiming it.
Bitcoin’s Growing Accumulation: a mega bullish trend
So far, the world’s premier crypto-asset has managed to retain its fort above the aforementioned support level. Thanks to rapid upswings, data shows that the coin’s retail and institutional investors have escalated the accumulation.
Another crypto analytics and research platform, Bloqport revealed data compiled by Glassnode wherein it mentioned that 140 new Bitcoin addresses with 1,000+ BTC were created during the last 28 days alone. It was found that the number of Bitcoin whale addresses has risen significantly since the start of 2020.
Besides, a total of 2,450 Bitcoin addresses were now holding a minimum of 1,000 BTC, a new all-time high.
Its tweet further stated that the recent trends of increase in whale addresses suggested that large entities may be expecting a significant price rise for BTC in the near future.
Besides, the number of whale addresses holding 10,000+ ETH also climbed to the highest level in 13 months as 35 new Ethereum whale addresses were found to have been created since the beginning of the year.
Further indicating confidence in the ongoing bull market was the movement of these whales especially during dips. The abrupt sell-off this week was driven by massive selling in the spot market.
This was further accompanied by astonishing trading volumes. The market-wide rout has so far failed to deter the optimism of big players from accumulating the crypto-asset. Moreover, these large bag holders expect the pullbacks to be short-lived.