Recently, the price of Bitcoin surged to $71,000 following the news of the Ethereum ETF approval. However, the price quickly corrected to $67,000 and has since been consolidating. Despite this, Bitcoin whales have started showing increased activity in the market, accumulating significant amounts of BTC in the past few days.
Whales, which are entities that hold substantial amounts of cryptocurrency, play a significant role in influencing price movements and market dynamics. A pseudonymous analyst pointed out that whale buying appetite has returned strongly, with an increase in whale address holdings and a rise in the total whale balance. This surge in activity suggests that whales see the current prices as suitable for purchasing and accumulating Bitcoin.
If whale accumulation continues at its current rate, there is a possibility that the Bitcoin price could surpass its previous all-time high. In March, when whales increased their holdings by more than 11%, Bitcoin reached a high of $73,737. With the current accumulation rate back above 5% in May, there is optimism that the price could see a significant increase in the near future.
As Bitcoin hovers around $69,216 at the time of writing, there is anticipation that the returning whales could drive the price even higher. The analyst suggests that the previous high was achieved when whales accumulated BTC at a similar rate, indicating that history could repeat itself. Despite widespread fear in the market, the whales’ buying force is a positive signal for Bitcoin’s price trajectory.
The resurgence of whale activity in the Bitcoin market has sparked optimism among investors. The increased buying appetite seen in recent weeks suggests that whales are confident in the current price levels and believe in the long-term potential of Bitcoin. As the market continues to evolve, all eyes will be on the whales to see if their continued accumulation can push the price to new heights. Only time will tell if Bitcoin will reach and surpass its previous all-time high, but the signs are pointing in a bullish direction.