Bitcoin Whales Purchase $1.4 Billion Amid Increased Volatility

May 25, 2024 · Crypto News, TGbot · Source:NewCoinSpot

Bitcoin whales are showcasing resilience and unwavering bullish sentiment towards the flagship cryptocurrency. Amid heightened price volatility, these investors have accumulated substantial amounts of Bitcoin over the past seven days.

According to market intelligence platform IntoTheBlock, Bitcoin addresses holding between 1,000 to 10,000 BTC have collectively added 20,000 BTC ($1.4 billion) in the past week. This accumulation coincides with Bitcoin’s recent surge above $70,000.

These whale purchases indicate a resurgence in trading volume for Bitcoin, potentially driving further price increases. On-chain analysis platform Glassnode noted in a recent market report that Bitcoin’s selling pressure is declining. Consequently, with significant whale buying activity, Bitcoin’s price is poised for a potential upward movement.

Institutional investors are also returning to the market, doubling down on Bitcoin. The increased inflows into Bitcoin spot ETFs over the past two weeks underscore this trend. According to Farside Investors, these funds have attracted nearly $800 million this week alone.

Cryptocurrency analyst James Check mentioned in a recent market report that these funds might lead the next wave of demand, pushing Bitcoin prices to new all-time highs. Bitcoin spot ETFs have already played a crucial role in this year’s growth, with the flagship cryptocurrency reaching its current all-time high of $73,750 in early March.

Similarly, cryptocurrency analyst Gustavo Faria highlighted in a recent blog post that signs of new demand are emerging, increasing the likelihood of the next rally occurring sooner than expected. Analysts like BitQuant have provided insights on how high Bitcoin might go in the next surge, predicting the cryptocurrency could reach $95,000.

On-chain analysis platform Santiment reassures that there is no need to worry about potential price corrections, as bulls have enough capital to buy the dips. The platform emphasizes the growing number of non-empty stablecoin wallets, indicating more whales are filling their wallets to invest in the crypto market.

Specifically, non-empty USDC wallets have grown by over 13%, and Tether wallets by more than 15%. This number is expected to continue rising as the bull market progresses later this year.