Bitcoin
Bitcoin (BTC) receives $100 billion wave of new mega whales
Tomiwabold Olajide
New Bitcoin whales injected approximately $100 billion into the market
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In a recent post on X, the head of research at CryptoQuant, Julio Morenorevealed that new Bitcoin whales injected approximately US$100 billion into the market in 2024.
This substantial influx of high-net-worth individuals and institutional investors marks a significant development in cryptocurrency, reflecting growing confidence in Bitcoin’s long-term potential.
Bitcoin Whales are typically defined as individuals or entities that hold large amounts of BTC with an increase in this category of addresses this year.
Notably, this new inclusion of whales has collectively brought around $100 billion to the Bitcoin market since the start of the year.
The $100 billion inflow represents a larger accumulation trend, which saw $1 billion added daily to new whale wallets.
In a May 31 X post, CryptoQuant founder Ki Young Ju drew parallels between current market activity and patterns seen in mid-2020. Back then, a similar phase of whale accumulation preceded a bull run which saw the price of Bitcoin reach $69,000 in 2021.
The current scenario suggests that history may be repeating itself, with high activity on the network and daily additions of US$1 billion to new whale wallets.
The implications of this trend are multiple. On the one hand, it indicates increased market interest and potential bullish sentiment among investors.
Despite low levels of price volatility, the significant movement of these whales towards BTC could be setting the stage for another rally. Analysts are watching closely Bitcoin Price resistance around $72,000, with forecasts that breaking this threshold could lead to new all-time highs, possibly around $75,000.
At the time of writing, BTC is down 0.25% in the last 24 hours to $67,734. The price of Bitcoin (BTC) has traded in an unusually narrow trading range of around $68,000 since last week, but fell to near $66,584 on Friday.
About the author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging estimated market trend forecasts. Tomiwabold graduated from the University of Lagos.