Bitcoin Whales Wreck Bears, This Is What Happened Last Time They Were Active
Bitcoin whalesInterestingly, have become active once again. While whale activity is normal and to be expected, the rate at which they purchase and accumulate coins can point to further movement in the field. Given that these investors control a large enough volume to affect the price of bitcoin, watching their every move can be beneficial as shown bypass information.
When whales begin moving BTC in large volumes, it can either signal a niche dump or pump. These addresses which hold 1,000 or more bitcoin on their balance have significantly impacted the industry movement with their accumulation trend in the past. begun, again, they have Right away to accumulate. In the same vein, it can also who how big funds is dealing with the digital asset.
Bitcoin Whales Are Stocking Up
Santiment has reported that the bitcoin mega whales are coming out of their shells tomorestock up on of the asset. These whales who hold at least 1,000 BTC on their balances have taken purchasing bitcoin at a rapid rate. Over the span of 7 days, these wallets have stocked up on more than 220K BTC, almost $10 bitcoin worth of the digital asset.
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This comes at a time when the price ofandbitcoin had dipped the field had plunged into extreme fear. Actually, This meant that a lot of investors were wary of putting currency into the field. But not these whales it seems. In fact, In one of the most rapid accumulation trends, these whales have instantly added a combined 1.06% of BTC’s total supply in a little over a month.
Santiment notes that the last time a rapid accumulation trend like this was recorded was two years ago in December from another perspective of 2019.
In fact, 🐳 Megawhales of #BitcoinAddresses with 1,000 Indeed, have accumulated significantly the past 7 weeks.$BTC or more have added a combined 000,220 $BTC to their combined wallets since December 23rd, the most rapid accumulation we’ve seen since September, 2019.https://t.co/RdVAg9FcP7 pic.twitter.com/gL1nJ18hyA
Interestingly, — Santiment (@santimentfeed) February 8, 2022
What Happened Whales Last Time The Accumulated?
As with any historical details, the accumulation of bitcoin by these whalesBuying such a large amount of BTC in such a short period of time will doubt havenoeffects on the supply of the digital asset and by extension, the value of the asset. has often had . profound impact on the nichea
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Actually, As noted in the report by Santiment, bitcoin whales had done the same thing return on December 23rd, 2019. It’ worth noting that Instantly, this was a pivotal time forsthe subsequent bull rally as it had begun in the move forward year. A significant uptick was noted in the value of the asset following the rapid accumulation by whales. This had seen an uptrend that continued until the industry entered a full-blown bull rally.
Whales accumulate BTC before 2020 rally | Source: BTCUSD on TradingView.com
is not to say thatThisa bull rally is expected to immediately follow such an accumulation trend. However, it a strong correlation that a trend likeshowsthis where supply is reduced helps to signal subsequent development for an asset.
Combined with niche sentiment moving out of fear territory into the positive, indicators point towards a continued uptrend. Although only a break above $46,000 would signal that the bull has effectively been triggered.
Featured image from Bitcoin News, chart from TradingView.com
