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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bullish Signal: Bitcoin Whales Go On 20,000 BTC Buying Spree

Best Owie
Best Owie
Last Updated: June 11, 2024 8:09 am
3 mins read
Bitcoin whales

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Bitcoin whales have now started accumulating BTC once more. This comes at a time when the crypto market is seeing struggling prices marked with low momentum. Now, with these large investors picking up the pace with their investments, there could be more movement on the horizon for bitcoin.

Bitcoin Whales Fill Up Their Bags

Data from on-chain aggregator Santiment shows that large bitcoin whales holding between 1,000-10,000 BTC are accelerating their accumulation. Over the last five days, these large investors have added more than 20,000 BTC to their balances, making it a significant accumulation trend.

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As a result, these bitcoin whales now hold a total of 4.57 million BTC. This figure represents 23.7% of the total circulating BTC supply as of this moment, suggesting that this accumulation may have factored into the recovery trend recorded by bitcoin over the last two days.

bitcoin large whales 20,000 BTC

BTC whales accumulate over 20,000 coins | Source: Twitter

The accumulation trend comes hot on the heels of low activity recorded by these large bitcoin whales. As Bitcoinist reported, large whale transactions fell to only 19% of total bitcoin transactions indicating fatigue on the part of these large wallets. 

However, the new accumulation of data points to a more long-term play on the parts of these whales. It also shows a willingness to buy at current levels which could mean that large BTC whales could believe that the price of the digital asset may have hit its bottom.

Will BTC Continue Uptrend?

Bitcoin is now trading comfortably above the $17,000 level after a late weekend rally pushed it above the important technical level. At current prices, the digital asset is tethering just around its 50-day moving average of $17,212, which puts it in a precarious position.

Such levels mean that the price of the cryptocurrency could swing either way and what’s more, is that it wouldn’t take much to trigger a tilt. So while the accumulation of these large whales may have been part of the trigger for the uptrend, there needs to be more demand for BTC to continue upwards and break successfully above its 50-day moving average.

Bitcoin price chart from TradingView.com

BTC price trending above $17,300 | Source: BTCUSD on TradingView.com

If it were to fall below this level, then support for BTC is still sitting at $16,600 and this could mean a freewill to lose around $500 off bitcoin’s value. However, if momentum were to pick up, then BTC will test the $17,500 resistance before the end of the week.

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Bitcoin is currently trading at $17,213 at the time of this writing. It is up 0.06% in the last day and seeing gains of 2.95% in the last 7 days.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Watcher Guru, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

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Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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The highest standards in reporting and publishing
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