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Bitcoin Whales Continue to Accumulate BTC! Will It Affect the Rise? Here are the Details
Bitcoin's recent rally rising to $94,000 is gaining momentum as on-chain data reveals an increase in acquisition activities from crypto whales, significant investors holding large amounts of BTC.
On-chain Data Shows Bitcoin Whales Are Driving Price Rally with Aggressive Accumulation
According to new information from blockchain analytics firm Glassnode, assets holding more than 10,000 BTC are accumulating aggressively, indicating increased confidence in the recent price breakout.
These high-capacity wallets recorded a 0.90 Savings Trend Score as of Thursday, indicating strong net acquisition behavior. A score of 1 indicates intense accumulation, while a score close to zero indicates distribution.
Medium-sized wallets holding between 1,000 and 10,000 BTC are also joining the accumulation wave with a trend score of 0.7, while smaller wallet holders have started to lean towards accumulation with a score of 0.5, indicating broader market participation in the rally.
Glassnode believes that "Big players are buying this rally so far," suggesting that institutional and deep-pocketed investors are helping to guide price movements.
The additional confirmation comes from CryptoQuant, which reports the highest Bitcoin outflows from centralized exchanges in over two years based on the 100-day moving average metric.
Such outflows are typically interpreted as a bullish sign, as they indicate that investors are moving assets to cold wallets; this is a sign of holding long-term rather than engaging in short-term speculation.
CryptoQuant analysts stated that "Reviewing historical patterns indicates that this could mean assets are being re-accumulated by investors."
Bitcoin rose to reclaim the $94,000 level from monthly lows below $75,000, driven largely by increasing institutional interest, ETF inflows, and now the approval of whales on-chain.
With the resurgence of whales and the decrease in centralized exchange reserves, many analysts see this as a strong signal that the bull market may have more room to run.