Data shows that Bitcoin’s Bull Run is not over as whales continue to accumulate
According to data from multiple sources, rather than sell their holdings, Bitcoin whales are actively accumulating, as the price of the digital asset consolidates under $60,000.
After setting a new ATH at above $60,000 Bitcoin’s price fell to around $53k. However, the flagship cryptocurrency has been trading sideways, consolidating between $55,000 and $59,000. As of press time, Bitcoin was exchanging hands at $54,400. Generally, Bitcoin is establishing support in the mid-$50,000 region.
Amid Bitcoin’s consolidation, whale activity has also increased. Crypto Birb, a pseudonymous trader pointed out on Twitter:
$BTC seven day average over daily active addresses in sideways while price action climbs. The upside trend is the strongest when backed by on-chain trends.
Meanwhile, data research firm Santiment revealed that big Bitcoin whales have continued to buy the dip. Over 35,000 BTC has been pulled out of exchanges in the past 30 days, pushing Bitcoin reserves on exchanges to low levels since early March.
🐳🧐 As you'd expect, not all of #Bitcoin's whales are behaving in unison. However, we've seen interesting trends these past couple months, such as 100-1,000 $BTC addresses adding 353k more $BTC since Feb. 1st, while 1k-10k addresses have shed 300k $BTC. https://t.co/xLnVHxl0TV pic.twitter.com/FBTcQKMWLc
— Santiment (@santimentfeed) March 21, 2021
According to the chart, wallet addresses holding between 1,000 BTC and 10,000 BTC have been selling. However, analysts from Whalemap opined that transactions in this range are difficult to analyze since it could include exchange addresses which are not covered by most on-chain data collection platforms.