Bitcoin broke through the $69,000 mark on Friday night, with analysts pointing out that Bitcoin whales took advantage of the price drop below $67,000 to buy in large quantities. Analysis from CryptoQuant indicates that the buying power of these whales is returning strongly, as they believe the current price is suitable for buying and accumulating.
CryptoQuant: Bitcoin currently in “mid-bull market,” halving rally not over yet, ending in April next year.
Background:
ETH surged 20% and broke through $3,700! Bloomberg analysts report good news: SEC approval probability for Ethereum spot ETF increases to 75%…
Bitcoin whale buys $1.34 billion worth of BTC
CryptoQuant: Bitcoin whale buying power recovers
Analyst: Whale investments in Bitcoin double, still far from the frenzy of the bull market
Bitcoin continued to fluctuate after falling below the $67,000 mark on the early morning of the 24th. At that time, the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 document for the first Ethereum spot ETF. However, in the late night of the same day, it surged more than 3.3% from $67,000 to a high of $69,250. At the time of writing, it was temporarily reported at $68,625, representing a 1.4% increase in the past 24 hours.
Some analysts believe that last night’s surge was mainly driven by the purchase of Bitcoin whales. Cryptocurrency analyst Ali Martinez tweeted that these Bitcoin whales were buying BTC at a low price when it fell below $67,000.
Blockchain analytics company CryptoQuant also discovered a trend of recovering buying power of Bitcoin whales. Decrypt reported that on-chain data shows that since Bitcoin reached a historical high of $73,000 in March, the interest of Bitcoin whales in buying Bitcoin has returned for the first time. CryptoQuant also tweeted last night, stating that the 30-day percentage change in whale address holdings has increased, and the total balance of BTC held by whales is also increasing.
“Whales” refer to holders of any Bitcoin address with a balance between 1,000 BTC and 10,000 BTC, excluding those controlled by mining companies and cryptocurrency exchanges.
Julio Moreno, director of research at CryptoQuant, said, “In general, whales buy Bitcoin at a faster pace during bull markets and reduce purchases when the market turns bearish.” For example, in March of this year, whale holdings of BTC increased by more than 9.8%, and they continued to accumulate in April. However, after May 1, the accumulation rate slowed down to 4.2% when the price of Bitcoin had fallen more than 20% from its peak to below $57,000. However, by May 22, the indicator had recovered to 5.5%, indicating that whale accumulation had rebounded after the market bottomed out.
Moreno stated that since the beginning of this year, the amount of whale investment in Bitcoin has more than doubled, increasing from $57 billion to $122 billion. (This value is based on the “realized cap” of whale holders, which is measured based on the purchase time of each Bitcoin, rather than its current market value.)
James Check, chief analyst at Glassnode, stated on Wednesday that the overall realized market value of the Bitcoin network has reached a historical high of $578 billion.
Related Reports:
Zhu Su of Three Arrows: If Ethereum spot ETF is approved, ETH will reach $5,400, Bitcoin will surge to $80,000.
Arthur Hayes: U.S.-Japan currency swap will trigger a surge in the cryptocurrency market, Bitcoin will hit $1 million!
Latest statistics: 937 large institutions invest more than $11 billion in Bitcoin spot ETF! Daily trading volume reaches a 7-week high.