Bitcoin Whales Display Bull Market Behavior With Strong Buying Spree

Bitcoin Whales Show Bull Market Behavior With Strong Buying Spree

Bitcoin (BTC) whales, major holders of the cryptocurrency, have resumed their buying spree after a pause after Bitcoin hit an all-time high in March. Market intelligence company CryptoQuant reported The increase in the 30-day percentage change in whale addresses indicates increased interest in accumulating Bitcoin at current price levels.

In March, whales increased their BTC holdings by more than 9.8%. Although their accumulation continued into April, the growth rate slowed to 4.2% as of May 1; This coincided with a significant market decline in which the price of Bitcoin fell over 20% to below $57,000. But since the market bottomed, the accumulation rate has risen to 5.5% as of May 22, signaling renewed interest from whales. As CryptoQuant CEO Ki Young Ju highlighted, whales reportedly purchased 47,000 BTC during the market crash in early May.

The return of strong purchasing power among Bitcoin whales shows that they perceive current prices as favorable for purchasing and accumulation. Whales, defined as holders of Bitcoin addresses holding between 1,000 BTC and 10,000 BTC, excluding mining firms and crypto exchanges, tend to increase their purchasing activity during bull markets and decrease during bearish phases.

The current price of Bitcoin stands at $69,065 and is up 0.24% in the last 24 hours and 3.58% over the week. According to the observed “realized cap” of whale coins, the amount of money whales have invested in Bitcoin has more than doubled since the beginning of the year, from $57 billion to $122 billion. The realized cap takes into account the total value of the coins the whales own at the time of purchase, rather than their current market value.