The post Whale Accumulation Soars: Over 1.9M BTC Moved to Mega Wallets Sparking Optimism for 2024 Bull Run appeared on BitcoinEthereumNews.com.

Whale accumulation of Bitcoin (BTC) surges as over 1.9M BTC is moved to mega wallets since the beginning of 2024. Further metrics corroborate Bitcoin’s viability as a long-term investment. A substantial quantity of Bitcoin has been transferred to new, large-scale wallets, reflecting notable activity among major investors, commonly known as whales. This article delves into the latest developments in Bitcoin whale accumulation and why metrics suggest growing confidence in Bitcoin’s long-term potential. Whale Accumulation of Bitcoin Surges Whale investors have shifted over 1.9 million BTC to new large wallets since the start of 2024. These movements have been directed into wallets holding over 1,000 BTC, excluding exchanges but including spot ETFs and custodial services. The surge in these holdings underscores significant investment interest and activity among Bitcoin’s biggest players, particularly in the wake of a recent market downturn. MVRV Z-Score Indicates Undervaluation The MVRV Z-Score, a critical metric for gauging market highs and lows, is currently below 2, an indication that Bitcoin remains undervalued. Analysts suggest that this indicates Bitcoin has not yet reached its peak value, and those dismissing further gains may overlook potential significant profits in the upcoming fourth quarter of 2024. This metric adds a layer of analytical rigor to the argument for Bitcoin’s potential appreciation. Increasing Bitcoin Dominance Signals Upward Potential Bitcoin’s market dominance has recently hit a short-term high, signaling a robust foundation for an imminent rally. While pinpointing the exact timing remains challenging, the increased dominance indicates growing market confidence. This momentum suggests that Bitcoin is on the cusp of a formidable upward trajectory, setting the stage for a possible parabolic rise when the next bull run fully materializes. MicroStrategy’s Strong Bitcoin Commitment MicroStrategy’s current Bitcoin holdings, valued at approximately $13.74 billion, highlight the company’s substantial commitment to Bitcoin. Their aggressive investment, coupled with…

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Filed under: News - @ August 11, 2024 9:16 pm