Bitcoin’s recent price recovery above the $27,000 mark has been accompanied by substantial accumulation by BTwhales, signaling positive sentiment in the market. These large holders of BTC have been actively amassing more of the cryptocurrency, with a combined total of $3.5 billion accumulated since early April.
According to market intelligence platform Santiment, Bitcoin whales, which hold between 1,000 and 10,000 BTC, have accumulated more BTC despite the recent price decline. Since the first week of April, these influential investors have acquired an astounding $3.5 billion in digital assets.
The accumulation of BTC by whales often signifies a positive long-term outlook, as these investors anticipate future price appreciation. Santiment’s data reveals that whale transactions have been on the rise, reflecting growing confidence among these major players in the market.
In recent news, the announcement of BlackRock, a leading multinational investment giant, filing for a BTC Exchange Traded Fund (ETF) application with the United States Securities and Exchange Commission (SEC) has further bolstered the bullish momentum for Bitcoin. This move by a prominent institution has instilled confidence in the cryptocurrency market, potentially attracting more institutional investors.
Bitcoin’s Current Market Performance
Bitcoin trades at $26,869.12, demonstrating a consistent consolidation over the $27,000 barrier. The 24-hour trading range of the cryptocurrency is $26,338.54 to $27,147.47, indicating a small range of movement and a period of price stability.
Looking back at the past few months, BTC experienced a price rollercoaster. After reaching a recent high of $30,404 on April 14, 2023, it faced a significant dip to $20,187 on March 11. However, it has since recovered in mid-June, indicating resilience in the face of lawsuits and regulatory uncertainty.
Bitcoin’s price consolidation and the substantial accumulation by whales highlight the ongoing interest and confidence in the cryptocurrency. As the market continues to evolve, investors and analysts closely monitor these developments to gain insights into the future direction of Bitcoin’s price.