Bitcoin (BTC) whales, major holders of the cryptocurrency, have resumed buying activity after a brief pause following Bitcoin’s all-time high in March. According to market intelligence firm CryptoQuant, the 30-day percentage change in whale address holdings has increased noticeably, suggesting renewed interest in accumulating Bitcoin at current price levels.
In March, whales’ BTC holdings increased by more than 9.8%. Accumulation continued through April, but growth slowed to 4.2% by May 1, coinciding with a severe market downturn that saw the price of Bitcoin fall more than 20% to below $57,000. However, after hitting the bottom of the market, the cumulative rate rebounded to 5.5% as of May 22, showing interest in whales reviving.
As CryptoQuant CEO Ki Young-joo highlighted, during the market downturn in early May, the whale reportedly acquired 47,000 BTC. The return of strong buying activity among Bitcoin whales suggests they view current prices as favorable for accumulation. Excluding miners and cryptocurrency exchanges, whales, which generally hold Bitcoin addresses between 1,000 and 10,000 BTC, tend to increase their purchases during bull markets and reduce their purchases during bear markets.
The current price of Bitcoin is $69,065, showing an increase of 0.24% in the last 24 hours and 3.58% for the week. Investment in Bitcoin by large investors known as whales has increased significantly this year. Specifically, the amount they invested in Bitcoin more than doubled, from $57 billion to $122 billion. This growth is calculated based on the realization limit of whale coins. This accounts for the total value of the coins owned by the whale at the time of purchase, not their current market value.
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