{"id":533434,"date":"2023-05-18T11:00:28","date_gmt":"2023-05-18T11:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=533434"},"modified":"2024-06-11T07:32:29","modified_gmt":"2024-06-11T07:32:29","slug":"bitcoin-bullish-signal-whales-accumulate-84897-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bullish-signal-whales-accumulate-84897-btc\/","title":{"rendered":"Bitcoin Bullish Signal: Whales Accumulate 84,897 BTC"},"content":{"rendered":"

On-chain data shows the Bitcoin whales have accumulated 84,897 BTC during the last five weeks, something that could be bullish for the price.<\/p>\n

Bitcoin Whales Have Been Growing Their Holdings Recently<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, when whales last accumulated like this, the price jumped about 34%. The relevant indicator here is the “BTC Supply Distribution<\/a>,” which tells us about the total amount (as well as the percentage) of the Bitcoin supply that each wallet group in the market is holding currently.<\/p>\n

The addresses on the network are divided into these wallet groups based on the number of coins that they are carrying in their balances at the moment. The 10-100 coins cohort, for instance, includes all addresses that are holding at least 10 and at most 100 BTC currently.<\/p>\n

Naturally, if the Supply Distribution is applied to this specific group, it would measure the amount of the supply that wallets satisfying this condition are holding as a whole.<\/p>\n

Now, in the context of the current discussion, the Bitcoin cohort of interest is the “whale<\/a>” group. Whales are humongous entities that carry at least 1,000 BTC ($26.8 million at the current exchange rate) and at most 10,000 BTC ($268 million) in their wallets. This means that the 1,000-10,000 coins group is of relevance here.<\/p>\n

The below chart shows the trend in the Bitcoin Supply Distribution for this particular cohort over the past year:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been on the rise in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the graph, the Bitcoin Supply Distribution for the whale group has observed an overall uptrend recently. During the last five weeks, these humongous investors have added around 84,897 BTC to their holdings, which is worth around $2.2 billion.<\/p>\n
Related Reading: PEPE Unlikely To Be As Big As DOGE & SHIB, Says Santiment<\/a><\/div>\n
Generally, the behavior followed by the whales can be something to watch out for, as their massive holdings mean that they have the potential to cause noticeable ripples in the market through their moves.<\/p>\n
An example of this can be clearly seen in the chart. In the leadup to and during the rally back in January of this year, the whales displayed a trend of accumulation<\/a> and grew their supplies by around 71,690 BTC.<\/p>\n
While this accumulation occurred, the price of Bitcoin started its surge and had risen by more than 34% by the time the whales slowed down their buying spree. This trend highlights how the buying pressure from this cohort can help the price go up.<\/p>\n
Related Reading: Historical Crossover Suggests Ethereum (ETH) Top Is In<\/a><\/div>\n
Since the whales have started their latest accumulation cycle, however, the price has only declined or moved sideways so far. But given that these holders are continuing to expand their reserves, it suggests that they think the current relatively low prices provide a good buying opportunity.<\/p>\n
It’s unknown when this bullish conviction held by the whales might translate to the price, but the trend could be a positive sign for the long-term sustainability of the rally.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,700, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has moved sideways recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Vivek Kumar on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin whales have accumulated 84,897 BTC during the last five weeks, something that could be bullish for the price. Bitcoin Whales Have Been Growing Their Holdings Recently According to data from the on-chain analytics firm Santiment, when whales last accumulated like this, the price jumped about 34%. The relevant indicator here is the “BTC Supply Distribution,” which tells us about the total amount (as well as the percentage) of the Bitcoin supply that each wallet group in the market is holding currently. The addresses on the network are divided into these wallet groups based on the number of coins that they are carrying in their balances at the moment. The 10-100 coins cohort, for instance, includes all addresses that are holding at least 10 and at most 100 BTC currently. Naturally, if the Supply Distribution is applied to this specific group, it would measure the amount of the supply that wallets satisfying this condition are holding as a whole. Now, in the context of the current discussion, the Bitcoin cohort of interest is the “whale” group. Whales are humongous entities that carry at least 1,000 BTC ($26.8 million at the current exchange rate) and at most 10,000 BTC ($268 million) in their wallets. This means that the 1,000-10,000 coins group is of relevance here. The below chart shows the trend in the Bitcoin Supply Distribution for this particular cohort over the past year: The value of the metric seems to have been on the rise in recent days | Source: Santiment on Twitter As displayed in the graph, the Bitcoin Supply Distribution for the whale group has observed an overall uptrend recently. During the last five weeks, these humongous investors have added around 84,897 BTC to their holdings, which is worth around $2.2 billion. Related Reading: PEPE Unlikely To Be As Big As DOGE & SHIB, Says Santiment Generally, the behavior followed by the whales can be something to watch out for, as their massive holdings mean that they have the potential to cause noticeable ripples in the market through their moves. An example of this can be clearly seen in the chart. In the leadup to and during the rally back in January of this year, the whales displayed a trend of accumulation and grew their supplies by around 71,690 BTC. While this accumulation occurred, the price of Bitcoin started its surge and had risen by more than 34% by the time the whales slowed down their buying spree. This trend highlights how the buying pressure from this cohort can help the price go up. Related Reading: Historical Crossover Suggests Ethereum (ETH) Top Is In Since the whales have started their latest accumulation cycle, however, the price has only declined or moved sideways so far. But given that these holders are continuing to expand their reserves, it suggests that they think the current relatively low prices provide a good buying opportunity. It’s unknown when this bullish conviction held by the whales might translate to the price, but the trend could be a positive sign for the long-term sustainability of the rally. BTC Price At the time of writing, Bitcoin is trading around $26,700, down 2% in the last week. BTC has moved sideways recently | Source: BTCUSD on TradingView Featured image from Vivek Kumar on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":533479,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83982,85693,19064,1119,1144],"class_list":["post-533434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-accumulation","tag-bitcoin-bullish-signal","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Bullish Signal: Whales Accumulate 84,897 BTC<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin whales have accumulated 84,897 BTC during the last five weeks, something that could be bullish for the price.\" \/>\n<meta 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bullish Signal: Whales Accumulate 84,897 BTC","url":"http:\/\/wncen.com\/news\/bitcoin-bullish-signal-whales-accumulate-84897-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bullish-signal-whales-accumulate-84897-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/vivek-kumar-fs283LESUtc-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/vivek-kumar-fs283LESUtc-unsplash-scaled.jpg?fit=2560%2C1486"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin accumulation","bitcoin bullish signal","bitcoin whales","btc","btcusd"],"dateCreated":"2023-05-18T11:00:28Z","datePublished":"2023-05-18T11:00:28Z","dateModified":"2024-06-11T07:32:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bullish Signal: Whales Accumulate 84,897 BTC\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bullish-signal-whales-accumulate-84897-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bullish-signal-whales-accumulate-84897-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/vivek-kumar-fs283LESUtc-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/vivek-kumar-fs283LESUtc-unsplash-scaled.jpg?fit=2560%2C1486\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin accumulation\",\"bitcoin bullish signal\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-18T11:00:28Z\",\"datePublished\":\"2023-05-18T11:00:28Z\",\"dateModified\":\"2024-06-11T07:32:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/vivek-kumar-fs283LESUtc-unsplash-scaled.jpg?fit=2560%2C1486","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/533434"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=533434"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/533434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/533479"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=533434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=533434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=533434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}