The world’s largest cryptocurrency Bitcoin(BTC) continues to show strength since the beginning of this month. As of press time, Bitcoin is up by 4.37% and is currently trading at a price of $51,273 with a market cap of $971 billion. Bitcoin is currently trading at levels that’s hinting at the beginning of the next bull run.
However, there’s been heavy accumulation going around by Bitcoin whales as of now. As per the on-chain data provider, the Bitcoin millionaire-tier whale addresses have made the largest accumulation over the last 27 months, since July 2019. The data provider notes:
Bitcoin’s whale traders holding between 100 to 10,000 $BTC accumulated 70k $BTC 10 days ago, the largest day of accumulation for this group since July, 2019. Unsurprisingly, prices gradually returned to above $51k as whales show no sign of a dump yet.
On the other hand, as CoinGape reported the Bitcoin supply at the exchanges has reached a 30-month low. Meaning, a large part of Bitcoin purchases are currently moving into cold wallets as of now.
Long Term Holders Under Massive BTC Accumulation Spree
Long-term Bitcoin holders have been on a massive accumulation spree after the holding supply bottomed out earlier this year in March 2021. As per data from Glassnode, these long-term holders have accumulated 13x more BTC then what have been mined in the last seven month. Glassnode explains:
Bitcoin Long Term Holders have added 2.35M $BTC to their stacks since their supply bottomed out in March. In that same period, only 180k $BTC were mined. This means LTHs have hodled 13x more coins than were produced via fresh issuance over the last 7 months.
The Bitcoin accumulation pattern clearly shows that we are heading for the beginning of the next bull run. Many analysts are predicting a minimum of $100K for Bitcoin by the end of this year. Besides, all eyes are on a possible Bitcoin ETF approval by the end of this year.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.