Bitcoin surges above $69,000 on Friday night, with analysts pointing out that Bitcoin whales took advantage of the dip below $67,000 to buy in large quantities. According to CryptoQuant analysis, these whales’ buying power is returning strongly as they believe the current price is suitable for buying and hoarding.
Table of Contents:
Bitcoin Whales Buy $1.34 Billion Worth of BTC
CryptoQuant: Bitcoin Whale Buying Power Recovers
Analyst: Whale Investment in Bitcoin Doubles, Bull Market Frenzy is Far from Over
After falling below the $67,000 mark on Thursday morning, Bitcoin continued to fluctuate. At that time, the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filing for the first Ethereum spot ETF. However, Bitcoin surged more than 3.3% from $67,000 to a high of $69,250 in the late hours of Thursday night, with a temporary report of $68,625 before the deadline, showing a 1.4% increase in the past 24 hours.
Analysts believe that last night’s surge was mainly driven by Bitcoin whales’ purchases. Cryptocurrency analyst Ali Martinez tweeted that these Bitcoin whales were buying BTC at a low point when it fell below $67,000.
Blockchain analysis company CryptoQuant also discovered the trend of recovering buying power among Bitcoin whales. Decrypt reported that on-chain data shows that since Bitcoin reached a historical high of $73,000 in March, Bitcoin whales’ interest in buying Bitcoin has returned for the first time. CryptoQuant also tweeted last night, stating that the 30-day percentage change in whale address holdings has increased, and the total balance of BTC held by whales is also increasing.
“Whales” refer to the owners of any Bitcoin address holding between 1,000 BTC and 10,000 BTC, excluding those controlled by mining companies and cryptocurrency exchanges.
Julio Moreno, Research Director at CryptoQuant, said, “Generally, whales buy Bitcoin at a faster pace during bull markets and reduce their purchases when the market turns bearish.” For example, in March this year, the amount of BTC held by whales increased by over 9.8%. They continued to hoard in April, but the accumulation speed slowed down to 4.2% after May 1, when Bitcoin had already dropped more than 20% from its peak to below $57,000. However, by May 22, the indicator had recovered to 5.5%, indicating that whale accumulation had rebounded after the market bottomed out.
Moreno stated that since the beginning of this year, the amount of whale investment in Bitcoin has more than doubled, increasing from $57 billion to $122 billion. (This value is based on the “realized cap” of whale holders, which measures the purchase time of each Bitcoin rather than its current market value.)
James Check, Chief Analyst at Glassnode, stated on Wednesday that the overall realized market value of the Bitcoin network has reached a historical high of $578 billion.
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