As Bitcoin price improves, the biggest investors appear to be increasing their holdings. Since the end of June, cryptocurrency accounts with $ 50 million or more in Bitcoin have steadily increased their purchases.
Whale activity fluctuated along with the volatility of the digital asset. Whales started selling in March after a temporary drop in prices, and they sold their high in April. From late June through August 22, these huge investors bought over $ 10 billion worth of shares.
Bitcoin whales are stocking up
According to recent statistics, the Bitcoin whales are replenishing their supplies, suggesting that another huge price hike is “imminent”. This was last seen by whale investors in the run-up to Bitcoin’s recent all-time high of $ 64,000 in mid-April, leading many to believe that another price spike was imminent.
After falling below $ 30,000 in May, Bitcoin’s price has returned to around $ 50,000. Bitcoin was gaining support on the technical charts, according to Alexandra Clark, a sales trader with UK digital asset broker GlobalBlock.
According to him, both the simple and exponential moving averages of Bitcoin provide strong buying indicators. In addition, MicroStrategy continues to expand its Bitcoin portfolio – this support could stabilize the pullback and keep the breakout surge above $ 45,000.
BTC currently stands at $ 47,889.12 up 1.29% along with a market cap of $ 901,562,384,339. In the past 24 hours, the trading volume of the coin is $ 28,089,229,199 with a circulation of 18,801,525.00 BTC.
As one of the most ambitious Bitcoin buyers, MicroStrategy has acquired more than 100,000 BTC worth around $ 3 billion. In the summer, the company bought 3,900 BTC, adding to the $ 10 billion bought by whale investors between late June and August.
According to DailyFX market analyst Daniela Hathorn, Bitcoin will continue to see a bullish price trend as long as it stays above its 200-day moving average of $ 45,750. The key problem for shoppers looking to the future, they believe, will be that Bitcoin maintains its momentum as it approaches $ 55,000.
Bitcoin whales are soaring BTC and cramming their wallets as the market shows signs of rebounding from its recent drop in prices.