The Road To $100,000: Bitcoin Whale Accumulation Explodes
28 March 2024 - 1:00AM
NEWSBTC
Bitcoin reaching $100,000 remains a highly feasible target,
especially given the fact that the price of the cryptocurrency hit
a new all-time high above $73,00 ahead of the halving. In
preparation of the explosive move that is expected to follow the
halving, Bitcoin whales are going all out as they fill up their
wallets with BTC. Large Bitcoin Whales Buy More BTC As the Bitcoin
price has retraced from its surge, large Bitcoin whales are taking
advantage of the dip to buy more coins at cheap prices. These
whales, which hold at least 1,000 BTC – which means they have $70
million on the low end, have bought up a large tranche of coins
over the last three months. Related Reading: Crypto Analyst
Predicts XRP Price Will Rally 800% To $6, Here’s When Since
January, there has been a steady climb in the number of wallets
that hold at least 1,000 as interest continues to grow. A lot of
this interest is driven by institutional investors who are putting
billions of dollars into Spot Bitcoin ETFs. Now, with the condition
that issuers have to hold the BTC they sell to customers, it has
seen these institutions buy up a good chunk of the supply. The
number of addresses holding at least 1,000 BTC was sitting at less
than 1,500 at the beginning of the year. However, by March, with
institutions ramping up their buys, this number has climbed to
1,617. This is an 8% increase in the number of these large whales
in the last three months. Source: Glassnode To put this increase in
perspective, the last time that there were these many whales
holding this much BTC was back in 2021 at the peak of the bull
market. So, if this number is rising once again, it means that
these large investors are expecting the price to rise, and as a
result, are trying to maximize their profits. Spot ETF Inflows See
2,600% Spike After a week of consistent outflows, inflows into the
Spot Bitcoin ETFs are starting to ramp up once again. For the first
day of the week, inflows climbed to $14.5 million, bringing a
welcome change from the almost $900 million worth of outflows that
was recorded in the prior week. This change in the tide seems to
have brought renewed interest for investors as Tuesday saw a
whopping 2,600% increase in inflows. In total, there $418 million
recorded going into Spot BTC ETFs on Tuesday, one of the highest
inflow days since the ETFs were approved. Related Reading: Ripple
CEO Responds To SEC’s Shocking $2 Billion Demand This change in
direction is also evident in the Bitcoin price, which has recovered
from last week’s low of $60,000. The price has since sprung back up
above $70,000, with a 10% increase in the last week. This also
validates the whales’ moves to acquire more Bitcoin, putting the
vast majority of their holdings in profit. Now, as seen in the
past, a return of high inflows into the Spot ETFs has always been
bullish for the price. So, if the inflows were to continue
throughout this week, then the price of Bitcoin could register a
brand new all-time high ahead of the halving. BTC bulls push price
toward $72,000 | Source: BTCUSD on Tradingview.com Featured image
from India Today, chart from Tradingview.com
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