Bitcoin Whales Accumulate BTC for Four Consecutive Months
CryptoNewsTerminal Staff19 Sep, 2024
Bitcoin Whales Accumulate BTC for Four Consecutive Months
Bitcoin whales, or large holders of Bitcoin, have been on a buying spree for the past four months, according to data from cryptocurrency market data analytics platform IntoTheBlock. The platform's data shows that "Bitcoin whales' BTC weekly net position change has been positive for the past four months, via X. The last time a weekly net selling happened was back in May." This accumulation trend suggests that whales are bullish on Bitcoin's long-term prospects. Whales are often seen as指標 of market sentiment, and their buying activity can signal that they believe the price of Bitcoin is undervalued. The accumulation trend is also supported by other on-chain data. For example, the number of Bitcoin addresses with a balance of at least 1,000 BTC has been increasing steadily in recent months. This suggests that more and more investors are holding Bitcoin for the long term. The combination of whale accumulation and other positive on-chain data suggests that Bitcoin is in a strong position for continued growth in the coming months.
