Bitcoin Whales Accumulate Over $16B in BTC Since Bitcoin ETF Launch
Are Bitcoin whales signaling a bullish future? New data suggests a significant shift in the market. Bitcoin whales have been actively accumulating significant amounts of the cryptocurrency over the past month during the market slump. This behavior, coupled with other on-chain metrics, points to a potential change in market sentiment.
$16 Billion Bitcoin Buying Spree by Whales
According to New data from IntoTheBlock reveals that whales have accumulated over $16B in Bitcoin since the launch of Bitcoin ETFs. This substantial accumulation indicates a strong belief in Bitcoin's long-term value among these influential investors. But what's driving this accumulation?
IntoTheBlock Data Reveals Whale Activity
On-chain activity has revealed New data from crypto market tracker IntoTheBlock reveals that whales have accumulated more than $16 billion in Bitcoin since the launch of the Bitcoin ETF earlier this year. This reinforces the narrative of whales actively capitalizing on market opportunities.
Drop in Exchange Deposits Suggests Accumulation
Further evidence of whale accumulation can be found in the declining number of wallets depositing Bitcoin into exchanges. Between April 18 and May 31, the number of wallets depositing Bitcoin into exchanges dropped significantly. This decrease, from 70,999 to 32,450, may indicate that whales are moving Bitcoin off exchanges into cold storage, a typical sign of long-term holding and accumulation.
Deep-Pocketed Investors Drive Bitcoin Demand
New data from market intelligence firm IntoTheBlock reveals that deep-pocketed crypto investors have accumulated tens of billions of dollars worth of Bitcoin since. This ongoing accumulation further solidifies the idea that Bitcoin whales see value in the current market conditions, despite recent volatility. The implications for the future of Bitcoin could be significant.
Is this the beginning of the next Bitcoin bull run? Only time will tell, but the actions of these influential investors are certainly worth watching closely.