Crypto whales are collecting Bitcoin (BTC) aggressively. Crypto traders are waiting for a sign in BTC price for investment and entry. The flagship cryptocurrency BTC wallet whales started accumulating BTC after Russia invaded Ukraine. Details of the subject are on Kriptokoin.com.
What are Bitcoin whales doing?
Whale transactions in Bitcoin peaked as accumulation continued. Analysts are evaluating the Bitcoin price trend for signs of a breakout. BTC whales transactions exploded, 76.5% BTC is out of circulation. According to data from Glassnode, 76.5% of Bitcoin has not moved in the last six months. The concentration of unspent Bitcoin held by whales who bought the asset a decade ago has increased since 2020. The number of Bitcoin transactions between $100,000 and $1 million has peaked, marking an increase in accumulation and a decrease in the circulating supply of the asset.
BTC accumulation, followed by BTC HODL waves chart from Glassnode, shows the active supply band by age. Each band shows the percentage of Bitcoin last moved in a given time period. The indicator is considered relevant in predicting the next move of Bitcoin. Historically, Bitcoin accumulation by whales is indicative of an impending BTC price rally. Glassnode’s wallet whale trend accumulation score is used to detect a change in Bitcoin trend. Large BTC purchases by whale wallets at the end of January 2021 increased the price of the asset by 15%. A similar event could occur if whales pursue the “buy by the branch” strategy.
BTC and geopolitical tensions
Currently, the indicator shows a fairly broad accumulation from September 2021 to February 2022. Aggressive BTC buying by small investors is fueling the uptrend. Bitcoin whale accumulation, coupled with aggressive buying by small investors, could fuel a BTC price rally. Retail investors have been known to mirror the buying behavior of whales in the past. Whale buying and accumulation could help BTC bulls keep the price of the asset above $40,000 if the dynamics in January and February 2022 remain unchanged. Bearish concerns about BTC price prevail as geopolitical tensions escalate. However, if BTC price remains stable with a sideways correction in the $35,000 to $45,000 range, an uptrend is expected.
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