It’s obvious that, in the last few weeks, the Bitcoin address range (BTC) with over 1,000 BTCs, often described as „Bitcoin whales,“ increased rapidly, to about 2,088. In fact, this standard began after the price of Bitcoin plummeted in March, to about $3,600. So, are they reaching an all-time high?
The information is pertinent, because historical data recommends that aggressive accumulation by large investors is usually an indication of a completely new bullish cycle.
In any case, over the past 6 years, Bitcoin has seen periods of inverse correlation, between the stages of whale accumulation and the price of BTC.
Summary of crypto whale activity in the last 48 hours
Trust for Bitcoin Whales
Also, whales tend to follow the locations that have the most liquidity, since they handle large amounts of Bitcoin. As such, when whales think the price of Bitcoin Lifestyle has really peaked, they quickly offer it. As a result, it reduces the number of large addresses that have BTC.
Similarly, another on-chain metric that’s not limited to whales, recommends that investors are accumulating more Bitcoin than in the past.
In this regard, Glassnode found that addresses that never inverted BTC. But which have been active for the last 7 years, increased visibly since 2018.
With this intention, the researchers wrote:
„There are more than 500,000 #Bitcoin accumulation addresses.
Adding: „With a total of 2.6 million $ BTC (~14%) accumulation addresses: They have more than 2 txs (transactions) incoming. Never spent BTC, were active in the last 7 years (representing lost currencies). Exchanges and miners are excluded.
Basically, if both points of information are recognized as bullish patterns, it is also essential to point out that they have actually increased regularly over the last 10 years.