Whale rush on Bitcoin: 47,000 BTC accumulated in 24h
Despite the recent drop in the price of bitcoin, crypto whales have taken this opportunity to massively accumulate BTC. This rush by large investors could well herald the beginning of a new era for the queen of cryptos.
Significant Accumulation of Bitcoins by Whales
In the past 24 hours, bitcoin whale addresses, defined as wallets holding at least 100 BTC, have added more than 47,000 BTC to their holdings, representing a value of $2.9 billion at current prices, according to Ki Young Ju, CEO of CryptoQuant. This notable accumulation excludes wallets associated with centralized exchanges, mining pools, and bitcoin ETFs.
This whale activity comes at a time when the price of bitcoin is undergoing a significant correction, briefly dropping below the psychological threshold of $60,000. However, this drop seems short-lived, and institutional investors mainly perceive it as a buying opportunity.
Technical analyst Rekt Capital points out that a weekly close above $60,000 would confirm that this level is now acting as a strong support for the price of BTC. Historically, bitcoin tends to spend about a week in a “danger zone” after a halving before resuming its upward trend.
Macro-Economic Factors Favorable to BTC
Beyond whale activity, the macro-economic context also seems to favor an appreciation in the price of bitcoin. As noted by İsa Sertkaya of Silent Protocol, the U.S. Federal Reserve is showing signs of monetary easing which could benefit risky assets like BTC.
Moreover, the latest U.S. employment report indicates job creation and an unemployment rate lower than market expectations. This relative weakness in the job market could prompt the Fed to maintain accommodating monetary conditions for a longer period.
Finally, traders will need to keep an eye on the key level of $60,000. According to Coinglass, a drop below this threshold would trigger the liquidation of leveraged long positions worth over $700 million.
The massive accumulation of bitcoins by whales during the recent price drop, combined with a favorable macro-economic environment, suggests that BTC could well enter a new upward phase. A weekly close above $60,000 would be a strong signal in this sense. However, investors will need to remain vigilant about the risk of liquidations if this support were to give way.
