Crypto Whales Resume Buying Spree; Is The Bear Market Coming To An End?
CryptoNewsTerminal Staff24 May, 2024
Crypto Whales Resume Buying Spree; Is The Bear Market Coming To An End?
CryptoQuant contributor and on-chain analyst abramchart recently noted that "Bitcoin whales have resumed their accumulation activities." Looking at the monthly changes in Bitcoin whales' BTC holdings, the indicator, which had been declining since March, has bottomed out and started to rise again. The return of the whales suggests that despite the prevailing fear in the market, the current price is attractive enough for them to accumulate. This development could be a sign that the bear market is coming to an end. Historically, whale accumulation has been a good indicator of future price increases. For example, in the 2018-2019 bear market, whales began accumulating BTC around $3,000. The price of BTC subsequently rose to over $14,000 in 2021. Of course, there is no guarantee that history will repeat itself. However, the resumption of whale accumulation is a positive sign for the crypto market. It suggests that whales believe that the current price of BTC is undervalued and that they are expecting the price to rise in the future.
