Bitcoin Whales Wreck Bears, This Is What Happened Last Time They Were Active

Bitcoin whales have become active once again. While whale activity is normal and to be expected, the rate at which they purchase and accumulate coins can point to further movement in the market. Given that these investors control a large enough volume to affect the price of bitcoin, watching their every move can be beneficial as shown bypass data. When whales begin moving BTC in large volumes, it can either signal a market dump or pump. In the same vein, it can also who how big money is dealing with the digital asset. These addresses which hold 1,000 or more bitcoin on their balance have significantly impacted the market movement with their accumulation trend in the past. Now, again, they have begun to accumulate. Bitcoin Whales Are Stocking Up Santiment has reported that the bitcoin mega whales are coming out of their shells to stock up on more of the asset. These whales who hold at least 1,000 BTC on their balances have taken purchasing bitcoin at a rapid rate. Over the span of 7 days, these wallets have stocked up on more than 220K BTC, almost $10 bitcoin worth of the digital asset. Related Reading | Bitcoin Settles Above $43,000, But What Does The 4-Year Cycle Say? This comes at a time when the price of bitcoin had dipped and the market had plunged into extreme fear. This meant that a lot of investors were wary of putting money into the market. But not these whales it seems. In one of the most rapid accumulation trend...