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08/20 05:21

Bitcoin Whales Add 20K BTC After Crash: Historical

Bitcoin Whales Add 20K BTC After Crash: Historical Data Points to Upside Price Momentum

Bitcoin’s latest pullback was met with a wave of accumulation from large holders, leading to speculation that the market could be preparing for another rally.

Wallets with 10-10,000 BTC have added more than 20,000 BTC since August 13, according to data from market analytics platform Santiment, possibly indicating that wealthy investors are viewing current prices as a great entry point.

Whales Seize Opportunity

This buying spree comes as the price of Bitcoin has declined by about 6.22% since its August 14 peak of over $124,000, according to the analytics platform.

 And the accumulation trend is not isolated: Santiment notes that the group responsible for the 20,061 BTC accumulation has been steadily increasing its total holdings since March 22, acquiring 225,320 BTC in that time. Historically, sustained accumulation by holders of this level has often been accompanied by price increases.

Analysis by market commentator Axel Adler Jr. also supports this bullish sentiment. On August 19, he noted a sharp decline in the average negative 30-day net exchange flow from -1.7K to -3.4K BTC per day. According to him, the acceleration of Bitcoin exits from exchanges indicates that buying pressure is now exceeding selling pressure.

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