Bitcoin Price Resurgence Signals Strong Bullish Sentiment
In an interesting turn of events, the price of Bitcoin has experienced a resurgence, with the premier cryptocurrency aiming to reach the $50,000 level once again. This comes after a period of volatility that saw its price drop below $40,000 following the approval of spot ETF trading in the United States.
Whales Accumulate Over 140,000 BTC in Three Weeks
A recent post by popular crypto analyst Ali Martinez on the X platform reveals that a specific group of Bitcoin investors, known as whales, have been accumulating significant amounts of BTC in recent weeks. These whales hold between 1,000 and 10,000 BTC.
According to data from on-chain analytics firm Santiment, these whales have added over 140,000 coins to their holdings in the last three weeks, worth approximately $6.16 billion. This brings their total BTC holdings to 4.84 million coins. Such large-scale purchases indicate strong confidence in Bitcoin.
The timing of this accumulation coincides with increased interest from institutional players and the launch of new Bitcoin spot ETFs that have collectively accumulated over 200,000 BTC in assets under management.
Bitcoin’s Trading Volume Reaches 4-Week High
Bitcoin’s current price stands at $47,715 with a 0.8% increase in the past day. According to CoinGecko data, the cryptocurrency has seen a more than 12% surge in the last seven days.
In a recent post by Santiment on X, it was revealed that Bitcoin hit a four-week high in terms of trading volume during the past week. The on-chain analytics platform attributed the single-day trading volume of $39.31 billion to the recent price boost of BTC.
While the trading volumes of other high-cap assets have been relatively quiet, Ethereum’s trading volume experienced a substantial surge along with its own price increase.
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