Crypto whales are accumulating Bitcoin at an astounding pace as the flagship cryptocurrency renews its battle to record a fresh all-time high.
On March 9th, on-chain analytics tracker Material Indicators revealed that the number of crypto whales placing orders for $100,000-$1 million BTC is poised to hit a new all-time high.
“The $100k – $1M class is now also about to make a new ATH. Meaning, they bought the dip.”
Not only is on-chain action skyrocketing for Bitcoin, analyst Lex Mokovski points out that huge troves of BTC have been leaving centralized exchanges in the past couple of weeks, preempting a huge price surge.
“Another huge batch of 11,554 Bitcoin has left Coinbase. That happened just before the recent surge in price. Nice coincidence.”
When taking a look at historical Bitcoin volumes at various price levels, Cameron Batt of Crypto Daily highlights data from Glassnode that shows the amount of on-chain action of late is massive.
“I assure you this is mind blowing… We spent just days at these price levels. The fact that this much movement was recorded on-chain is staggering.”
Batt asserts that coupled with the data showing that Bitcoin is leaving exchanges where it can be sold on the open market, the whale action of late demonstrates that the high $40,000 range registered one of the largest BTC accumulation zones in its history.
“…Technically if people were all taking their Bitcoin out of their hardware wallets to sell on exchanges it would produce a similar result on this chart (price would drop while on-chain volume spiked), but that’s not what we’re seeing. In fact, we’re seeing the exact opposite. A literal mass exodus of Bitcoin from exchanges to personal wallets.
In addition, we can clearly see that it is whales behind the bulk of this activity as orders for Bitcoin over $100,000 at a time or Bitcoin orders over $1 million orders recently hit an all-time high.
We can say that the $48,000 level was one of the very biggest accumulation zones in the entirety of Bitcoin history. I’ve never seen something so crazy happening on-chain in all my years of analyzing.”
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