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Bitcoin whales’ appetite for more coins is back for the first time since 2019. bitcoin price It hit an all-time high in March, according to blockchain data.
“They are now coming back with strong buying power, indicating that despite widespread fears, current prices are suitable for buying and accumulating,” said market intelligence firm CryptoQuant. tweeted On Friday.
Analysts noted that the 30-day percentage change in whale address holdings has increased, along with an increase in the total BTC balances held by whales. In on-chain terms, a ‘whale’ is the owner of any Bitcoin address holding between 1,000 BTC and 10,000 BTC, excluding addresses managed by mining companies and cryptocurrency exchanges.
“They are now coming back with strong purchasing power again, which indicates that despite widespread fears, current prices are suitable for buying and accumulating.” – by @abramchart
“Whales typically purchase Bitcoin at a faster rate in bull markets and reduce their purchases when the market turns to a bear market,” said Julio Moreno, head of research at CryptoQuant. decryption.
Throughout March, whales’ BTC holdings increased by more than 9.8%. Accumulation continued in April, but the rate of accumulation slowed to 4.2% by May 1, when the price of Bitcoin fell more than 20% from its peak to below $57,000.
As of May 22, this indicator is back at 5.5%. This means that whale accumulation has started to increase again after the market bottomed. Early May, Kiyoung Ki, CEO of CryptoQuant famous During the sharp market decline, the whale stole 47,000 BTC.
As of this writing, the price of Bitcoin is at $68,760, up about 3% over the week.
According to Moreno, the amount invested by whales in Bitcoin has more than doubled, from $57 billion to $122 billion at the beginning of the year. This is measured by observing the whale owner’s “realization limit” (the total value of all whale coins based on the time each coin was purchased rather than the current market value).
Senior Glassnode Analyst James Check said It was announced on Wednesday that the Bitcoin network’s total realized limit has now reached an all-time high of $578 billion. This means “Bitcoin’s fundamentals are literally stronger than ever.”
“I think we are quite far from the true euphoria phase of this bull market,” Check added. “You could argue that we’re on the border between enthusiasm and excitement, but we’re not happy yet.”
Edited by Ryan Ozawa.
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