Bitcoin (Bitcoin) Whales, led by institutional investors, have accelerated their accumulation in the past few weeks through April 16.
Over the past four days, Bitcoin whales have acquired 10,000 bitcoins, worth about $750 million, according to On-chain. Analytics from saint. As such, this group of investors has increased their Bitcoin holdings to 5.17 million coins, worth approximately $383.36 billion at press time.
The rush in buying coincided with renewed demand for Bitcoin exchange-traded funds (ETFs) in the US, led by BlackRock’s IBIT, such as Finbold. male. Over the past 30 days, Bitcoin whales have bought about 270,000 units, according to an analysis by cryptocurrency exchange Bitfinex.
Bitcoin whales fuel supply pressure
The recent surge in demand for Bitcoin from whale investors has created a supply squeeze across all cryptocurrency exchanges. Investors have accelerated Bitcoin withdrawals from cryptocurrency exchanges in the past few weeks to hit a new year-to-date low of around 2.68 million BTC at press time, based on… Data from Cryptoquant.
Notably, Bitcoin investors have been accumulating relentlessly in the past two months, thus reducing the Bitcoin exchange supply at a faster pace. Essentially, long-term Bitcoin investors have bought the dip in anticipation of a near-term bullish rally.
What’s next for BTC price?
After a sharp rise in Bitcoin accumulation over the past 30 days, Bitcoin price has attempted to reverse. The major currency rebounded from lows around $65,000 to reach a local high of $75,000 this week.
However, BTC price recently faced a major resistance around $75,000, which can only be broken by continued whale accumulation.
