Key Points
- A Bitcoin whale has accumulated 3577 tokens worth $330 million during the recent rally.
- Increased whale activity has significantly impacted Bitcoin’s price charts, with BTC surging from $90407 to $99k.
Bitcoin [BTC] has seen a significant increase, reaching new all-time highs (ATHs) five times since hitting a local low of $66,978.
This surge has resulted in increased profitability for existing holders and attracted new ones due to the fear of missing out (FOMO).
Whale Activity During the Rally
Despite the common trend of whales rarely accumulating during higher highs of crypto assets, many large holders have continued to accumulate during this rally.
An on-chain tracker, Lookonchain, reports that a whale has accumulated 3577 Bitcoin tokens worth $330 million over the past four days, increasing total holdings to 25298 tokens worth $2.5 billion.
This accumulation signifies confidence in the market and anticipation for further price appreciation.
Such bullishness is further evidenced by Bitcoin’s MVRV long/short difference, which has increased over the past week to 21.05%, indicating that long position holders are profiting and expecting price gains.
Large Holders and Exchange Netflow
Additionally, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio has seen a decline from 3.77% to 0.55% on weekly charts.
This sharp decline suggests that large holders are increasing their holdings and moving their BTC off exchanges.
Moreover, Bitcoin’s Number of Large Transactions has reached a weekly high of 32.02k, indicating that large holders are actively participating in the rally.
This activity and the netflow ratio suggest that these transactions are purchases and transfers to private wallets, indicating a positive market sentiment and high bullishness among large holders.
The increased whale accumulation and activity have had a substantial impact on BTC’s price charts.
In fact, as the whale was accumulating, Bitcoin surged from $90407 to $99k.
Furthermore, over the past week, BTC has surged by 12.82% to trade at $98,940 at press time, suggesting a strong upward momentum amidst increased whale activity.
