Bitcoin: Whale accumulation is a sureshot sign of…
June 21, 2023
By Dipayan Mitra
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BTC’s supply on exchanges declined while its supply outside of exchanges rose.
Derivatives market metrics also looked bullish for BTC.
Bitcoin [BTC] has been in the accumulation phase for multiple weeks now, as its price stagnated under the $28,000 mark. Generally, high accumulation happens when the market doesn’t perform well, which is then followed by a trend reversal. The same seemed to be true this time as well, as BTC’s charts have turned green.
Bitcoin accumulation shows effects
Santiment’s 20 June tweet revealed that BTC whales have been quite active of late. Notably, wallets holding 1,000 – 10,000 BTC have accumulated a combined $3.5 billion since the first week of April.
Due to the increased buying power of the whales, the market may experience short-term price increases. This was evident in the price charts already, as according to CoinMarketCap, BTC’s price rose by 2% and 1% in the last seven days and past 24 hours, respectively.
At press time, the king coin was trading at $26,766.55, with a market capitalization of over $519 billion.
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