Bitcoin Mega Whales Are Buying, Time For Rally To Return?
19 Abril 2024 - 8:00PM
NEWSBTC
On-chain data shows that the largest number of investors in the
Bitcoin market are finally buying, which could be bullish for the
asset’s value. Bitcoin Mega Whales Have Shown Net Inflows In The
Past Day In the past few weeks, the Bitcoin price has struggled to
mount any significant bullish momentum as it has been stuck
consolidating inside a range. Earlier, while this was happening,
the largest holders in the space had been sitting quietly, not
buying or selling anything notable. According to data from the
market intelligence platform IntoTheBlock, however, this appears to
have changed in the past day. Related Reading: Bitcoin Trader
Selling Pressure Declining, CryptoQuant Head Explains Why Relevant
holders here are the “Large Holders,” who, as defined by the
analytics firm, are investors carrying at least 0.1% of the entire
circulating Bitcoin supply in their wallets. A little under 19.7
million tokens are circulating for the cryptocurrency, 0.1% of
which would be 19,700 BTC. This amount is worth more than $1.26
billion at the current exchange rate of BTC. Clearly, these large
holders are quite large indeed, and in fact, they are much larger
than the usual whale investors, who typically carry between 1,000
and 10,000 BTC. As such, it would perhaps be apt to call these
humongous entities “mega whales.” Since an investor’s influence in
the market increases the larger their holdings, these mega whales
would be the most powerful entities on the Bitcoin network.
Therefore, their moves can have some consequences for the wider
market. IntoTheBlock has used the netflow on-chain indicator to
track the movements of the Large Holders here, which measures the
net amount of BTC entering or exiting the wallets of these
investors. The below chart shows the trend in this metric over the
last few months: The value of the metric seems to have been
positive most recently | Source: IntoTheBlock on X As displayed in
the above graph, the Bitcoin Large Holders netflow registered a
notable positive spike yesterday, meaning these investors have
received a net amount of coins into their wallets. The mega whales
bought 19,760 BTC during this spike, worth more than $1.27 billion.
“Historically, accumulations by these addresses have often preceded
rises in Bitcoin’s price,” notes the analytics firm. The chart
shows that some extraordinary buys came from this cohort on the way
to the new all-time high for the asset. Related Reading: Bitcoin
Miners Always Sell Into Halvings, Is This Time Any Different? As
such, it’s possible that these latest buys will also help the asset
gain some bullish momentum in the near future. However, something
to note is that the scale of the latest spike, although large on
its own, isn’t quite as prominent as that of some of the large buys
seen earlier. BTC Price At the time of writing, Bitcoin is trading
at around $64,500, down more than 5% over the past week. Looks like
the price of the asset has been trading sideways recently | Source:
BTCUSD on TradingView Featured image from Rod Long on Unsplash.com,
IntoTheBlock.com, chart from TradingView.com
Flow (COIN:FLOWUSD)
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Flow (COIN:FLOWUSD)
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