Bitcoin continued to fluctuate after falling below the $670 million mark in the early morning of yesterday (24th), which coincided with the U.S. Securities and Exchange Commission (SEC) approving the first batch of 19b-4 documents for Ethereum spot ETFs. However, it fell from $67,000 late yesterday night. The U.S. dollar rose more than 3.3% to a maximum of $69,250. It was temporarily trading at $68,625 at the time of writing, up 1.4% in the past 24 hours.
Bitcoin Whales Buy 1.34 Billion BTC
Some analysts believe that last night's rise was mainly driven by the buying of Bitcoin whales. Cryptocurrency analyst Ali Martinez tweeted last night that these Bitcoin whales are taking advantage of the opportunity of BTC falling below $67,000. Buy BTC.
These large Bitcoin holders purchased over 20,000 BTC in the past 24 hours, worth approximately $1.34 billion.
CryptoQuant: Bitcoin whale buying momentum revives
Blockchain analysis company CryptoQuant has also discovered a trend of recovery in the purchasing power of Bitcoin whales. Decrypt reported that on-chain data showed that Bitcoin whales’ interest in buying Bitcoin has returned for the first time since the price reached an all-time high of $73,000 in March. CryptoQuant also tweeted last night:
Bitcoin whales’ buying appetite returns.
They are now back again with strong buying power, suggesting that despite widespread fear, current prices are suitable for buying and hoarding.
CryptoQuant noted that the 30-day percentage change in whale address holdings has increased, while the total BTC balance held by whales has also increased.
Analyst: Whale investment in Bitcoin doubles, bull market mania phase is still far away
Julio Moreno, director of research at CryptoQuant, said: “Generally speaking, whales buy Bitcoin at a faster rate during bull markets and buy less when the market turns bearish.”
For example, in March this year, the BTC held by whales increased by more than 9.8%. They continued to accumulate in April, but after May 1, the accumulation rate slowed down to 4.2%. At that time, the price of Bitcoin had gone from It fell more than 20% from its highs, falling below $57,000. However, by May 22, the indicator had recovered to 5.5%, which means that whale accumulation has picked up again after the market bottomed.
Moreno said the amount of money whales have invested in Bitcoin has more than doubled since the beginning of the year, from $57 billion to $122 billion. (This value is based on observing whale holders’ “realized cap,” which is measured based on the time each Bitcoin was purchased, rather than its current market value.)
James Check, chief analyst at Glassnode , said on Wednesday that the Bitcoin network's overall market value has reached a record high of $578 billion.
This means that Bitcoin’s fundamentals have never been stronger. In my opinion, we are still far from the true mania phase of the bull market.
