Bitcoin whales accumulate more than 60,000 coins over the past month… “Signal the early stages of a bull market”

Uk Jin

Summary

According to on-chain analytics firm Santiment, Bitcoin (BTC) whale investors bought a total of 61,568 over the past month.
Santiment said the pattern of large wallets’ accumulation and retail investors’ selling resembles signals seen in the early stages of past bull markets, and is a positive indicator pointing to the potential for an upside breakout from the range.
However, it added that after the recent outbreak of war in the Middle East, some large investors moved tens of millions of dollars’ worth of Bitcoin to exchanges, which is regarded as being for selling purposes.

Forecast Trend Report by Period

Bitcoin (BTC) whales appear to be continuing to accumulate even amid escalating Middle East tensions and broader global macro uncertainty.

On the 27th (Korea time), Cointelegraph, citing data from on-chain analytics firm Santiment, reported that Bitcoin whale investors (wallets holding 10 to 10,000 BTC) bought a total of 61,568 BTC over the past month.

Over the same period, retail investors bought just 213 BTC.

This has prompted analysis that whale investors are opting for a hold-and-accumulate strategy rather than selling. In particular, the phenomenon is seen as similar to patterns typically observed in the early phase of a bull market. Santiment said, “The pattern of retail investors selling while large wallets accumulate has repeatedly appeared at the start of past bull runs,” adding that it is “a positive indicator suggesting the potential for an upside breakout from the current range.”

That said, after the recent outbreak of war in the Middle East, some large investors moved tens of millions of dollars’ worth of Bitcoin to exchanges. Typically, transferring large amounts of Bitcoin to centralized exchanges is regarded as being for selling purposes.

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