There has been a notable increase in Bitcoin accumulation by whales, which may suggest a market rebound in the upcoming weeks.
Increase in Bitcoin Accumulation
According to the analytics firm Santiment, there has been a significant surge in Bitcoin accumulation by mid-sized whales this July. This may indicate emerging confidence among investors.
The number of Bitcoin added to wallets totaled 122,330 BTC.
Signs of a Bullish Trend
The uptick in whale wallet activity serves as a key indicator of renewed market confidence. This behavior resembles early stages of transfer volumes during bullish markets.
Analysts like Woominkyu emphasize the significance of whale accumulation for future price surges of Bitcoin.
Market Expectations
The increase in Bitcoin held by whales could lead to institutional participation and reduced market supply. This accumulation phase may lay the groundwork for prolonged upward trends in the market.
Data shows that wallets holding between 100 to 1,000 BTC have had a strong correlation with Bitcoin price movements over the past five years.
The accumulation of Bitcoin by whales signals a potential market recovery and increase in investor confidence, which could foresee positive trends in the future.
