Bitcoin market whales are accumulating BTC

Bitcoin whales accumulate BTC (3)

Wealthy investors in the cryptocurrency market are turning to Bitcoin (BTC). The reason for this “turnaround” is that the price of BTC is steadily heading upwards, having already surpassed $50,000. In this article, we present an explanation of this trend, as well as a thorough analysis of what is currently happening with this still most popular cryptocurrency in the world.

Investors are back to investing in Bitcoin

Data collected by the cryptocurrency-focused website, Ecoinometrics, suggests a new trend: a renewed, eager investment by both small and large investors in Bitcoin. An upward trend was noted among addresses controlling holdings between 1,000 BTC and 10,000 BTC, suggesting that wealthy investors find the current price of BTC attractive enough to place upward bets. 

A similar sentiment from the rest can be seen among small investors with holdings of less than 1 BTC. Ecoinometrics report that they have been accumulating BTC tokens since June, and over a period of time, they have also seen selling pressure on BTC coming from the whale side. Their buying sentiment coincided with a price rise to $50,000, a key psychological resistance level.

Blockchain platform Glassnode’s supporting data

Blockchain analytics platform Glassnode also observed an increase in buying sentiment among small fish, or small investors. More specifically, the number of addresses holding at least 0.1 BTC reached a three-month high of 3,231,069 on Monday (August 30, 2021), further confirming the accumulation data above.

“More than 1.65 million BTCs now have a cost basis on the network in the range of $45k to $50k,” the platform wrote on Twitter on Monday.

What is next for the Bitcoin price?

For now, Bitcoin is holding above the “green wave.” However, there are warnings of whales and “small fish” as the Bitcoin market waits for a clear breakout move above $50,000.

At the moment, the BTC/USD exchange rate has been consolidating under the mentioned resistance level since Friday (September 3, 2021). Just for this reason, the BTC/USD currency pair has also found temporary support above $47,000, which more or less coincides with the 20-day exponential moving average.

“Small fish” have been mercilessly accumulating Bitcoins (BTC) in the $40,000 to $50,000 range, with no signs pointing to a possible trend reversal over the past 30 days. On the other hand, the whales went through a period of capitulation as Bitcoin entered the $45,000-50,000 range.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

More News

All articles loaded
No more articles to load

Knowledge Base

Polygon

What is Polygon (MATIC)?

Another coin worth looking at is Polygon (MATIC). It is especially liked by many investors. So what makes its popularity…
Shiba Inu SHIB

What is Shiba Inu (SHIB)

Shiba Inu (SHIB) is one of the most sought-after coins on the market. This is evidenced by its dynamic rallies…
Who is Satoshi Nakamoto

Who is Satoshi Nakamoto?

The world’s biggest cryptographic mystery remains unsolved to this day. It is speculated whether Satoshi Nakamoto is a single person…
solana

What is Solana (SOL)

Solana (SOL) is one of the hottest cryptocurrency projects on the market. Although it is a relatively young creation, it…
Cryptocurrency address formats

Cryptocurrency address formats

In earlier articles, we have, among other things, given you a brief overview of cryptocurrency wallets that you can apply…
Bitcoin ATMs

Bitcoin ATM’s

The most popular places to buy and sell cryptocurrencies are of course cryptocurrency exchanges. Others that are equally ambitious in…
Public and Private blockchains

Public and Private Chains

When analyzing the cryptocurrency market, we may come across terms related to blockchains. The two most popular types of them…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Knowledge Base

Who is Satoshi Nakamoto?

The world’s biggest cryptographic mystery remains unsolved to this day. It is speculated whether Satoshi Nakamoto is a single person or perhaps the name of…

What is Solana (SOL)

Solana (SOL) is one of the hottest cryptocurrency projects on the market. Although it is a relatively young creation, it has already managed to gain…

Cryptocurrency address formats

In earlier articles, we have, among other things, given you a brief overview of cryptocurrency wallets that you can apply to your own needs. However,…

Bitcoin ATM’s

The most popular places to buy and sell cryptocurrencies are of course cryptocurrency exchanges. Others that are equally ambitious in capturing the market are applications…

Public and Private Chains

When analyzing the cryptocurrency market, we may come across terms related to blockchains. The two most popular types of them are public and private chains.…

What are block explorers?

In this article, we discuss a free online search engine that allows you to browse the contents of a blockchain database. We also discuss transaction…

Law and Trading in Cryptocurrencies

More and more countries allow the use of cryptocurrencies as financial- or business instruments. They are even allowed to be used as regular means of…

Taxation of cryptocurrencies in Europe

Cryptocurrencies are gaining popularity all the time and are slowly becoming a widely accepted means of payment. As more and more people are interested in…

What are cryptocurrency nodes?

Most cryptocurrencies operate on the principle of distributed transaction systems, running on a P2P, or peer-to-peer, network. In practice, this means that such a network…

How do Bitcoin Blocks work?

Bitcoin (BTC) is currently one of the most popular digital currencies in the world. How does it differ from the classic currencies used in everyday…
All articles loaded
No more articles to load