Bitcoin Whales Accumulate Over 19k BTC
As the holiday season wraps up and a new year begins, Bitcoin (BTC) has been consolidating around the $42,500 mark. However, on-chain data reveals that two whales have been accumulating a significant amount of BTC, which could indicate a bullish trend.
At the time of writing, Bitcoin is trading at $42,450, experiencing a slight 0.5% decrease in the past 24 hours. Despite this, its market cap remains above $831 billion with a daily trading volume of $27.7 billion.
Whale Accumulation and Transactions Surge
An analysis of on-chain data reveals that two whales have acquired a total of 19,349 BTC in the past day alone. This amounts to over $820 million based on the current price. One whale transferred 9,723 BTC while the other sent 9,624 coins from Coinbase to newly created wallets.
Market intelligence platform Santiment reports that whale transactions involving at least $100,000 worth of BTC saw a 13.4% increase in the past 24 hours. The number of unique transactions rose from 6,559 to 7,438 in a single day.
Prior to this surge in whale activity, Bitcoin whale transactions had been declining consistently between December 22 and 26.
Increasing Number of Bitcoin Addresses
In addition to the whale accumulation, the total number of Bitcoin addresses has been steadily rising since November 28. Santiment reveals that there are now a record-high 52.44 million unique Bitcoin wallets in existence.
Potential for a Price Surge
Santiment’s analysis also suggests that Bitcoin may be on the cusp of a new price hike. The Relative Strength Index (RSI) for Bitcoin dropped from 64 to 57 in the past 24 hours. A lower RSI indicates a higher potential for a price surge.
For Bitcoin to gain bullish momentum, it is crucial for the RSI indicator to remain below the 60 mark.
Hot Take: Bitcoin Whales Accumulate as Bullish Sentiment Grows
The recent accumulation of BTC by two whales amidst declining whale transactions and an increasing number of Bitcoin addresses hints at growing bullish sentiment in the market. As we enter the new year, Bitcoin’s consolidation around $42,500 coupled with the potential for a price surge indicated by a lower RSI provides hope for investors.
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