Bitcoin whales' appetite for more coins Bitcoin Price It hit an all-time high in March, according to blockchain data.
“They are now coming back with strong buying power again, indicating that current prices are favorable for buying and accumulating despite widespread fear,” market research firm CryptoQuant said. Tweeted on friday.
The analysts noted an increase in 30-day percentage change in whale holding addresses and an increase in the amount of BTC held by whales. In on-chain terminology, a “whale” refers to the owner of a Bitcoin address holding between 1,000 BTC and 10,000 BTC, excluding addresses controlled by mining companies and cryptocurrency exchanges.
“Typically, whales purchase Bitcoin at a faster pace during bull markets and reduce purchases when the market switches to bearish,” said Julio Moreno, head of research at CryptoQuant. Decryption.
During March, whales increased their BTC holdings by over 9.8%. Purchases continued into April, but the rate of purchases slowed to just 4.2% by May 1, when Bitcoin's price had fallen over 20% from its peak, below $57,000.
As of May 22, the metric was back up to 5.5%, meaning whale accumulation is on the rise again after the market bottomed. In early May, Ki Young Ju, CEO of CryptoQuant, said: I got it. Whales reportedly bought up 47,000 BTC during a sudden market drop.
Bitcoin prices have risen to $68,760 at the time of writing, up about 3% in a week.
Moreno said that so far this year, the amount of money whales have invested in Bitcoin has more than doubled, from $57 billion to $122 billion, as measured by looking at whale holders' “realized caps,” which are the total value of whale coins based on when each coin was purchased, not their current market value.
James Check, Principal Analyst, Glassnode Said On Wednesday, the bitcoin network's total realized value hit an all-time high of $578 billion, “meaning that bitcoin's fundamentals have literally never been stronger,” he said.
“In my view, we're a long way from the true euphoria of this bull market,” Cech added. “You could say we're on the border between enthusiasm and excitement, but we're not in euphoria yet.”
Editor: Ryan Ozawa.
