{"id":308317,"date":"2024-05-23T23:06:27","date_gmt":"2024-05-23T17:36:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-whales-accumulate-20k-btc-fueling-70k-btc-rally-crypto-news\/"},"modified":"2024-05-23T23:07:13","modified_gmt":"2024-05-23T17:37:13","slug":"bitcoin-whales-accumulate-20k-btc-fueling-70k-btc-rally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-whales-accumulate-20k-btc-fueling-70k-btc-rally-crypto-news\/","title":{"rendered":"Bitcoin Whales Accumulate 20K BTC, Fueling $70K BTC Rally – Crypto News"},"content":{"rendered":"

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In the past week, <\/span>Bitcoin (BTC)<\/span><\/a> bulls have driven the BTC price up by 3.12%, reaching an all-time high of $73,750. This bullish sentiment is attributed to several factors, including the accumulation of Bitcoin addresses holding between 1k and 10k BTC. On-chain data from IntoTheBlock indicates these addresses have been the main accumulators, leading to $1.4 billion worth of BTC in their balances.<\/span><\/p>\n

Bitcoin Rises Amid Whale Accumulation Trend<\/strong><\/h2>\n

The recent bullish trend in Bitcoin is largely due to the accumulation of <\/span>BTC whales<\/span><\/a>. Addresses holding between 1k and 10k BTC have been accumulating over the past seven days, adding $1.4 billion worth of BTC to their balances. The significant increase in these holdings shows the growing confidence of investors in cryptocurrency. Moreover, this accumulation is expected to reduce the supply, which could further drive the price upward.<\/span><\/p>\n

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On-chain data reveals that whales hold 1.26% of BTC in the market. These large holders usually sell their assets infrequently, contributing to market stability by reducing the circulating supply. The confidence shown by these whales is a strong indicator of optimism about Bitcoin\u2019s future price movements.<\/span><\/p>\n

Throughout the week, Bitcoin\u2019s price displayed notable volatility. Starting at $63,789, the price fluctuated before rising to $65,483, then significantly increasing to $68,871 on May 19. This upward trend continued, with Bitcoin peaking at $70,565 on May 21. The overall increase in price reflects the positive market sentiment and the impact of whale accumulation.<\/span><\/p>\n

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Investor activity also contributed to Bitcoin\u2019s price movements. A mix of low-activity and high-activity addresses contributed to the fluctuations. The largest investor segment held 0.91% of BTC, demonstrating a wide distribution of holdings. The varied activity among investors helped maintain the price momentum.<\/span><\/p>\n

BTC Holds Strong Despite Bearish Sentiment<\/h2>\n

Bitcoin\u2019s profitability has also been on the rise. A March report showed that nearly 100% of Bitcoin addresses were in profit when the price neared its previous all-time high above $68,000. The rally since the start of the year has erased previous losses, with 51.94 million addresses holding Bitcoin at a profit, representing 99.63% of total holders. This trend of profitability continued, with 95% of addresses in profit when the price reached $57,416 in late February.<\/span><\/p>\n

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In the last 24 hours,<\/span> Bitcoin price<\/span><\/a> has experienced a bearish sentiment, dropping over 3% to trade at $68,049. Despite this short-term decline, the overall market sentiment remains positive due to the significant accumulation of whales and the high percentage of profitable addresses. The 24-hour trading volume stands at $30,721,182,878.03, indicating active market participation.<\/span><\/p>\n

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Also Read:<\/b> Cardano Price Forecast: Can ADA Strike $1 On Exploding DeFi TVL<\/span><\/a><\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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