Bitcoin accumulation by major holders has surged to levels unseen since the period before the 2020 bull market. This accumulation raises questions about whether Bitcoin’s price could break past the $70,000 barrier.
Whales, or entities holding at least 1,000 BTC, have been amassing Bitcoin at a pace reminiscent of pre-2020, Bitfinex researchers noted in a recently shared report. This resurgence in accumulation by large holders has reached its highest point in nearly four years. The report indicates that Bitcoin ‘whales’ are boosting their holdings to unprecedented levels, creating a new historical high in their combined balance.
Several factors could contribute to further upward momentum for Bitcoin. Among these are expectations of an interest rate cut and increased institutional buying. Bitfinex analysts highlighted that an uptick in daily ETF purchasing activity, a decrease in selling pressure from long-term holders, and a rise in liquidity could spur this momentum if the anticipated rate cut occurs.
On June 10, U.S. spot Bitcoin exchange-traded funds (ETFs) saw their first day of net outflows after 19 straight days of inflows. The ten U.S. ETFs witnessed $64.9 million worth of outflows. The following day, these ETFs experienced over $200 million in negative net outflows, highlighting a sudden shift in market dynamics.
Bitcoin has confirmed $66,000 as its new support level on the weekly chart, according to renowned crypto analyst Rekt Capital. The analyst shared with his vast following that Bitcoin has successfully retested this mark, implying it could act as a foundation for further price stability. He emphasized that any movement below this level is considered an opportunity rather than a threat.
The realized price for short-term Bitcoin holders climbed to $63,729 on June 11. Historically, during bull cycles, the realized price for short-term holders acts as a dynamic support line for Bitcoin. Despite this rise, Bitcoin’s price remains constrained, primarily due to the distribution of older coins.
Thomas Fahrer, co-founder of Apollo, pointed out that the market needs to undergo a “reset” before a new price floor is established. He explained that once this market reset is complete, $65,000 to $70,000 could become a reliable base for Bitcoin, much like how $10,000 did in 2020.
While Bitcoin’s price is currently facing some constraints, the large-scale accumulation by whales and potential favorable market factors suggest that a breakout could be on the horizon. Long-term holders and institutional players will play a critical role in shaping Bitcoin’s trajectory in the coming months.
Whales amassing Bitcoin ahead of a potential rate cut? Sounds like insider trading is alive and well in crypto.
Just another cycle of manipulation where the rich get richer and the average Joe gets wrecked.
Great, just as Bitcoin starts to gain stability, here come the whales to throw things into chaos.
This doesn’t look like organic growth; its whales setting us up for another crash.
Sure, whales are accumulating, but its just another way for them to manipulate the market.
Exciting times ahead! Days of accumulation like this have often led to epic price surges! 💰📈
Big holders accumulating will only make Bitcoin more volatile and less reliable as an investment. Pass. 🛑📉😤
It’s hard to celebrate whale accumulation when it feels like manipulation to pump-and-dump Bitcoin.
Loving the rise in whale activity! Could Bitcoin be gearing up for another bull market?
Increasing whale accumulation sounds like another bubble forming. Is it 2017 all over again? 🌐💣
It’s happening! Bitcoin whales are on the move again, and the market feels electric! ⚡️🌐
Increased whale accumulation + bullish market factors = Bitcoin to the moon soon?
The resurgence of Bitcoin accumulation by whales is giving me all the bullish feels! 🐂💥
Bitcoin whales are filling up their bags! This could be a sign of a major price surge.
All the big holders care about is their profits, not the health of the Bitcoin market. 🤑🪙💸
Every time these whales start amassing Bitcoin, it ends in a crash for smaller investors. Not falling for it again.
Whale accumulation? More like whale manipulation. 🚫🐳💲
This whale accumulation is insane! Is it time for Bitcoin to shoot past $70k? Only time will tell!
Hodl tight! Whales are showing faith in Bitcoin, and that’s always a good sign! 🐋👐
Whale accumulation reaching new highs and Bitcoin holding strongready for the next leg up!
Preparing for liftoff! 🚀 Bitcoin whales are accumulating like crazy, the next big move is just around the corner! 🌌
Wow, big players are back! This accumulation spree could mean Bitcoins about to hit the moon!
With a strong support at $66k, the next stop might just be $70k and beyond! 🌟
Super exciting to see Bitcoin whales loading up again! 📈 Bull market vibes are in the air! 🌈
Whales are back in action! The signs are looking promising for Bitcoin’s next big run.