In the past week, Bitcoin (BTC) bulls have driven the BTC price up by 3.12%, reaching an all-time high of $73,750. This bullish sentiment is attributed to several factors, including the accumulation of Bitcoin addresses holding between 1k and 10k BTC. On-chain data from IntoTheBlock indicates these addresses have been the main accumulators, leading to $1.4 billion worth of BTC in their balances.
Bitcoin Rises Amid Whale Accumulation Trend
The recent bullish trend in Bitcoin is largely due to the accumulation of BTC whales. Addresses holding between 1k and 10k BTC have been accumulating over the past seven days, adding $1.4 billion worth of BTC to their balances. The significant increase in these holdings shows the growing confidence of investors in cryptocurrency. Moreover, this accumulation is expected to reduce the supply, which could further drive the price upward.
On-chain data reveals that whales hold 1.26% of BTC in the market. These large holders usually sell their assets infrequently, contributing to market stability by reducing the circulating supply. The confidence shown by these whales is a strong indicator of optimism about Bitcoin’s future price movements.
Throughout the week, Bitcoin’s price displayed notable volatility. Starting at $63,789, the price fluctuated before rising to $65,483, then significantly increasing to $68,871 on May 19. This upward trend continued, with Bitcoin peaking at $70,565 on May 21. The overall increase in price reflects the positive market sentiment and the impact of whale accumulation.
Investor activity also contributed to Bitcoin’s price movements. A mix of low-activity and high-activity addresses contributed to the fluctuations. The largest investor segment held 0.91% of BTC, demonstrating a wide distribution of holdings. The varied activity among investors helped maintain the price momentum.
BTC Holds Strong Despite Bearish Sentiment
Bitcoin’s profitability has also been on the rise. A March report showed that nearly 100% of Bitcoin addresses were in profit when the price neared its previous all-time high above $68,000. The rally since the start of the year has erased previous losses, with 51.94 million addresses holding Bitcoin at a profit, representing 99.63% of total holders. This trend of profitability continued, with 95% of addresses in profit when the price reached $57,416 in late February.
In the last 24 hours, Bitcoin price has experienced a bearish sentiment, dropping over 3% to trade at $68,049. Despite this short-term decline, the overall market sentiment remains positive due to the significant accumulation of whales and the high percentage of profitable addresses. The 24-hour trading volume stands at $30,721,182,878.03, indicating active market participation.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
