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Bitcoin (BTC) welcomes a $100 billion wave from new mega whales
Tomiwabold Olajide
The new Bitcoin whales have pumped around $100 billion into the market
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In a recent post by X, CryptoQuant’s head of research, Giulio Morenorevealed that new Bitcoin whales will inject around $100 billion into the market in 2024.
This substantial influx of high-net-worth individuals and institutional investors marks a significant development in the cryptocurrency, reflecting growing confidence in Bitcoin’s long-term potential.
Bitcoin whales are generally defined as individuals or entities holding large amounts of BTC with one addition in this category of addresses this year.
Notably, this new inclusion of whales has collectively brought in around $100 billion into the Bitcoin market since the beginning of the year.
The $100 billion inflow represents a broader accumulation trend, which has seen $1 billion added to new whale wallets every day.
In a May 31 post seeing the price of Bitcoin reach $69,000 in 2021.
The current scenario suggests that the story may be echoing itself, with high on-chain activity and daily additions of $1 billion to new whale wallets.
The implications of this trend are multiple. First, it indicates increased market interest and potential bullish sentiment among investors.
Despite low levels of price volatility, significant movement in BTC by these whales could set the stage for another rally. Analysts are watching closely The price of Bitcoin resistance around $72,000, with forecasts that exceeding this threshold could lead to new historic highs, possibly around $75,000.
At the time of writing, BTC fell 0.25% over the past 24 hours to $67,734. Bitcoin (BTC) price has been trading in an exceptionally tight range of around $68,000 since last week, but fell to nearly $66,584 on Friday.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.