In a recent tweet, Santiment, a leading cryptocurrency analytics platform, revealed that Bitcoin’s key large whale addresses tier has been on a consistent accumulation spree over the past five weeks.
Astonishingly, these influential players in the crypto market have accumulated a whopping 84,897 BTC during this period, despite the ongoing stagnancy in prices.
The data hints at a potential shift in sentiment among major Bitcoin holders, highlighting their long-term confidence in the leading cryptocurrency.
Interestingly, Santiment compared this accumulation cycle to the previous one in January and pointed out a remarkable statistic: prices surged by an impressive 34.4% during that earlier cycle.
This historical context raises speculation about whether the current accumulation trend could foreshadow another substantial price rally in the near future.
Glassnode’s Insight: Diminishing Growth In Bitcoin Whales’ Numbers
On the other hand, Glassnode, a renowned on-chain analytics provider, shared its own findings on Twitter regarding the growth of Bitcoin whales. They noted that the overall number of whales on the Bitcoin network had experienced a diminishing trend across previous cycles.
However, an analysis of the current cycle reveals a slight deviation from this pattern, with the present epoch witnessing a 7% larger expansion in whale growth compared to the prior epoch.
To provide context, Glassnode shared specific figures for each epoch in the recent tweet. Epoch 1 observed a remarkable 436% increase in whale growth, followed by Epoch 2 with a 139% increase, Epoch 3 with a 91% increase, and Epoch 4 with a 98% increase.
Despite this expansion, it is important to note that the next halving event affecting the issuance rate of new Bitcoins is still approximately 343 days away. Therefore, the total growth across the entire epoch remains incomplete.
However, the slight deviation in whale growth during the current cycle has caught the attention of market observers. It implies that, despite the overall downward trend, investors or entities are still joining the ranks of Bitcoin whales, which could potentially influence market dynamics in the coming months.
Nevertheless, as the accumulation of Bitcoin by whales continues alongside stagnant prices, the crypto community eagerly awaits further developments. Will this prolonged accumulation phase herald a future price surge reminiscent of the previous cycle?
Or will market conditions take a different turn, influenced by factors such as the upcoming halving event? Only time will reveal the true implications of these intriguing trends in the world of Bitcoin.
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