Bitcoin whales have been very active In the last few days, the cryptocurrency has continued to trade under $68,000. On-chain data shows a tendency of accumulation by Bitcoin whales. Large amounts of cryptocurrency are leaving exchanges and going into private wallets. The massive transfers have attracted the attention of some investors, who keep a close eye on this pattern. This accumulation pattern indicates a future price rise.
Whale Alerts reports that Bitcoin whales transferred $2.3 Billion worth of BTC within a 24 hour period, showing their bullish mood. Crypto analyst Ali Martinez revealed recently that more than 25,000 BTC, worth around $1.60 billion, had been sent to accumulation addresses.
Bitcoin Price Increase Signalled by Bitcoin Accumulation
Bitcoin is a popular cryptocurrency. traded below $69,000 Since March 15, it has been a struggle to gain the momentum which saw it. shooting past $70,000 Earlier in the month. Last week, Bitcoin dropped to $61,766. This represents a 16 percent decline from the all-time low.
Spot Bitcoins ETFs saw consistent outflows GBTC by Grayscale and IBIT by BlackRock and Fidelity were the main drivers of this week’s decline. Investors became concerned about this decline as it indicated the bullish attitude towards BTC might finally be coming to an end.
On-chain data now tells a very different story of Bitcoin whales’ bullishness. Whale Alerts data shows large BTC amounts leaving cryptocurrency exchanges. One of these transfers was 8,136 BTC valued at $517 Million. from Coinbase It is possible to transfer your BTC into a different private wallet. Soon afterward, 8172 BTC valued at $519,000,000 were transferred from Coinbase Into another private wallet. On March 22, the various alerts sent by the whale tracker totaled $2.3 BTC in BTC from and to crypto exchanges.
According to Ali Martinez, an analyst at the Ali Martinez Group, these transfers total $1.6 billion and are now being added to accumulation accounts. This is by far the biggest inflow this year.
Yesterday, over 25,000 #BitcoinThe highest amount of money ever transferred into accumulation addresses was approximately $1.60 Billion. $BTC This year, the wallets are still going strong! pic.twitter.com/mAIHkG9ROC
— Ali (@ali_charts) March 23, 2024
The following is a list of CryptoQuant dataSince March 21, the Bitcoin exchange reserves have been on a downward trend. The Bitcoin exchange reserves are currently at 1,98 million BTC.
In essence, the accumulation of whales tends swings the balance to bullish for other traders. Bitcoin fundamentals such as the coming halving of the price point will likely lead to an increase in prices. making it an ideal time For investors, position themselves In the market.
Bitcoin was trading for $67,478 at the time this article was written. Watch out for $69,000 as a crucial price level. Bitcoin will only break above $69,000 if it breaks through this level of resistance. could continue surging higher The accumulation trend is a good example.
BTC Price at $67,000 Source:| Source: BTCUSD on Tradingview.com
Chart by Tradingview.com. Image from GoBankingRates.
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