Bitcoin’s price has cooled off after surging to a high of $71,000 following the news of Ethereum ETF approval last week.
Interestingly, Bitcoin whales seem to be awakening from their slumber as they have been accumulating a significant amount of BTC in the past few days. Can the returning appetite of whales push Bitcoin to a new all-time high price?
An analyst with the nickname Quicktake shared that Bitcoin whales are exhibiting increasing buying demand and active behavior in the market.
The analytical indicators considered are the total number of whales holding and the moving average tracking the percentage change in balance over 30 days.
In Quicktake’s post, the on-chain analyst noted the recent increase in the monthly percentage change of whale addresses and a steady rise in the total balance of whales.
The Bitcoin accumulation seems to be picking up again in May, with the monthly percentage change back above 5% since May 24.
The CryptoQuant analyst stated in the post:
” if=”” the=””>BTC accumulation rate of whales returns to March levels, the likelihood of Bitcoin rebounding and potentially surpassing its current all-time high will increase.”
