Bitcoin Whales Go on Buying Spree

Bitcoin’s recent surge has been fueled by several factors, including growing excitement around upcoming BTC ETFs. But a closer look reveals another key player: the whales.

Bitcoin Whales Accumulate, But Sharks Take Profits

A recent Santiment analysis shows wallets holding 1k to 10k BTC have amassed a whopping 248.9k BTC in 2024, translating to $12.95 billion. However, wallets with 100 to 1k BTC have been selling off, dumping 151.2k coins or $7.89 billion worth in the same period. Highlighting this contrasting behavior, whale transactions exceeding $100k reached their highest level since June 2022 in the past five days.

Whales, confident in Bitcoin’s long-term potential, are accumulating while “sharks” seem to be taking profits, anticipating a possible retracement. Declining exchange reserves (from 2.106 million BTC to 2.068 million BTC) further suggest buying pressure exceeding selling pressure.

The rising stablecoin supply ratio indicates their buying power decreasing, hinting at potential bearishness for Bitcoin. With Bitcoin currently at a key resistance zone around $52k, expect some price swings in the near future.

While whale accumulation suggests optimism, short-term volatility is likely. The interplay between whale behavior, changing market sentiment, and technical indicators will paint a clearer picture of Bitcoin’s next move.