Bitcoin’s market has witnessed a notable trend among large holders, commonly known as Bitcoin whales, who have accumulated more over the past two months. Despite recent price volatility, these wallets, holding substantial amounts of BTC, have collectively acquired $3.5 billion worth of the cryptocurrency since early April.
Bitcoin Whales Buck The Price Trend With Significant Accumulation
According to Santiment, a market intelligence platform, wallets between 1,000 and 10,000 BTC have accumulated more BTC during the recent price decline. This accumulation phase has acquired a staggering $3.5 billion BTC since the first week of April.
BTC price action has experienced significant fluctuations since the beginning of the month. While the cryptocurrency has maintained an overall positive growth outlook this year, it remains essential in determining market bearishness.
The recent filing by BlackRock, an American multinational investment giant, for a spot BTC Exchange Traded Fund (ETF) application with the United States Securities and Exchange Commission (SEC) has contributed to a bullish sentiment for BTC.
Bitcoin is currently traded at $26,870, demonstrating a relatively steady consolidation above the $27,000 mark. Over the past 24 hours, the cryptocurrency has shown a narrow trading range, ranging from a low of $26,338.54 to a high of $27,147.47. Although BTC peaked at $30,404 on April 14, 2023, it also significantly declined to $20,187 on March 11.
Market Mood And Potential Energy
Glassnode’s “Week Onchain Newsletter” shows the prevailing market mood as “apathy” with the Bitcoin halving event less than a year away. However, it notes that “HODLers,” investors holding onto their Bitcoin with no intention to sell, continue their steady accumulation. This accumulation trend suggests the buildup of potential energy in the market, which could lead to significant movement once the $30,000 threshold is breached.
Adding to the anticipation, CryptoQuant warns of the possibility of extreme price fluctuations in Bitcoin due to high leverage on the futures market and the current outflow volume of BTC from the spot market.
Overall, the coin’s movements indicate that investors recognize its exemption from the SEC’s categorizing various cryptocurrencies as securities. Within the cryptocurrency community, there is a widespread belief that Bitcoin is a digital currency that does not meet the SEC’s criteria for being classified as a security.
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