Intra-chain data shows that wealthy investors are returning to the bitcoin market. In the past, the price of bitcoin has risen in parallel with each increase in whale assets.
to the the report CoinDesk It seems that wealthy investors are returning to the bitcoin market. One of the main criteria of the Bitcoin network, which had warned about the decrease of the price of this digital currency before the big fall in May, confirms this issue.
The number of bitcoins available to market whales rose by 80,000 units to 4.216 million on Friday, the highest level since May. Whales are a collection of addresses with between 1,000 and 10,000 bitcoins.
Glassnode data show that this number did not change much on Saturday. In addition, the number of Bitcoin whales has reached its highest level in the last 3 weeks at 1,922.
The re-accumulation of bitcoins by whales is good news for the digital currency market, as wealthy investors have played a significant role in pushing the price of bitcoin from $ 10,000 to $ 60,000.
During the recent uptrend in bitcoin, the number of units held by whales increased at the same time as the price of bitcoin. This figure reached 4.542 million units on February 8 (February 10, 1999) at its highest level.
The whales then began selling their assets, weakening the bitcoin’s uptrend. At the beginning of May, the number of units kept by whales fell by 8% to 4.17 million units.
Bitcoin prices fluctuated between $ 50,000 and $ 60,000 at the time, except for one, which peaked at $ 64,801 in mid-April.
Price fluctuations further highlighted the inability of micro-investors to change the fate of the market and inform before the price fell sharply. The price of Bitcoin fell 35 percent to $ 30,000 in May, and fell to $ 29,031 in June.
Given the recent increase in Bitcoin whale assets, massive sales appear to be over.
At the time of writing, each bitcoin is trading at $ 35,500, and the price has risen 2.3 percent in the last 24 hours.