Bitcoin Whales Accumulate 70,000 BTC as Price Surges Beyond $98,000 ⋆ ZyCrypto
The post Bitcoin Whales Accumulate 70,000 BTC as Price Surges Beyond $98,000 ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Bitcoin (BTC) continued to demonstrate remarkable strength this week after soaring to a new high of $108,268 last month. This bullish momentum continues to signal growing confidence among investors, particularly high-net-worth individuals. Notably, Bitcoin whales, typically known for “buying the dip,” have flipped the script, scooping up massive quantities of BTC during its price highs. Renowned crypto analyst Ali Martinez highlighted this development, revealing that Whales acquired over 70,000 BTC within 48 hours. This staggering investment, valued at over $7.28 billion, underscores the conviction of big-money investors in Bitcoin’s long-term potential. Elsewhere, Despite Bitcoin’s impressive price action, large holders are showing no signs of offloading their assets, according to CryptoQuant analyst CryptoOnchain. In a recent post, the pundit highlighted the Realized profit ratio data, which tracks wallet activity across various size ranges (10-100 BTC, 100-1,000 BTC, and 1,000-10,000 BTC), noting it suggests that whales believe Bitcoin has yet to reach its peak in this market cycle. “Compared to the all-time high (ATH) in previous cycles, it seems that the selling and profit-taking process by whales has not yet begun. This may indicate that, according to the whales, we are still not at the ATH range for this cycle.” He wrote. Advertisement   That said, the heightened whale activity coincides with growing institutional interest in Bitcoin. MicroStrategy, the business intelligence giant led by Michael Saylor, announced earlier this week its latest addition of 15,350 BTC to its holdings, boosting its total reserves to 439,000 BTC. Mining companies have also joined the accumulation trend, with firms like Marathon Digital increasingly holding Bitcoin on their balance sheets. Meanwhile, broader corporate adoption remains minimal. For instance, only 0.55% of Microsoft shareholders recently supported a proposal to create a Bitcoin reserve, and a similar initiative at Amazon saw just 0.01% approval. According…
Filed under: News - @ January 4, 2025 6:14 am