Here’s the key takeaway from the news:
According to the platform, wallets that hold between 10 and 10,000 Bitcoin have boosted their share of the total supply in the last week. This shows that big investors are getting back in the game.
These wallets now hold around 68.17% of the circulating Bitcoin supply, which is up from 68.07% just a week ago.
Bitcoin was hovering just over $70K when this news broke, but it shot up past $74K for a bit before dipping back down to $73K now.
What are your thoughts on this? Is it a bullish sign or do you think the bear market will make a comeback?
The fact that the big holders have started to make moves means that there is something they know from us that is why they are starting to accumulate again as a positive sign towards the market, and it should be positive news, the whales would not have taken bitcoin if they did not know something.
Will this reversal continue and bitcoin return to a bullish trend despite the bear market? or is it just an initial reaction? now the price is close to $75k, and will it return to $90k in the next few weeks?s
I think it will continue to rise.
rich middle eastern people are selling off silver and gold because a bomb or missile can destroy it. they are buying more btc to protect from physical damage to their wealth
Arguably BTC has been fighting its way upwards since March 2nd, it fell back 8th but fought upwards again so accumulation would make some sense and add into the positive trend vs weekly moving average and other perspectives.
If you have to move suddenly then selling off the heavy metal at the fairly high prices its got to would make some sense. Especially trekking across desert like conditions of many of the middle east countries. I think for anyone globally to diversify makes sense and in the midst of war, people will travel light if they can as just essentials are already overwhelming.
Mostly I think Bitcoin outran its negatives a while ago but the momentum takes time to turn around properly. Its going to take more then just this month but seems fair to see BTC putting in the bottom prices for the year here as quite easily possible.
We should be adding this to the long list of advantages of investing into bitcoin over the precious stones or other investments is that during the time of crisis all what you need secured is the seed phrase of your bitcoin wallet and not carrying heavy tons of stones around because of the fear of them been managed thereby exposing yourself to the outside danger that you possesses such stones.
I think this is the reason why the demand for bitcoin for a week now has increased and caused the market to rise,
These signs are inspiring! Every time I see posts or news like this, the thing that always comes to my mind is "If these people can buy this huge amount of Bitcoin and hold it, why can't I buy even a few dollars at a time?"
So for those people who are still waiting for some "perfect time" to start accumulating Bitcoin, I really suggest not to be too perfectionist waiting for that "perfect time".
Moderately bullish because its not the first time Ive seen a news story like this and then, shortly afterwards, the price drops. But I do believe that during the recent dip, some whales took the opportunity to accumulate, whilst others waited for the rebound to continue accumulating. But for us to be able to say that we have emerged from the bear market, the price needs to rise even further and for longer.
Their is no need thinking much, because these is a typical example of everyone looking, but sees differently. While most people are selling in panic or are still unconvinced if they should buy or not, some people have already spot an opportunity to be stacking it up knowing fully well that Bitcoin price will bounce back.
To answer your question, I don't think I need a seer to know that it's a positive news but the earlier people start seeing dip as an opportunity to accumulate more, the better, because Bitcoin will always find it way back up. It might not be immediately or in the next few weeks or months, but in due time, it will go back up and set a new all time high.
It's definitely the right mindset right now, I'm not that positive we will get back to $100k that instantly and besides it hasn't break some significant resistance yet, for example the $80k region. It will be a significant milestone for bitcoin in the short term. Yeah and besides a 0.1% increase doesn't seem to be that huge compared to the holders that has fled lately from that drop.
The Santiment data is a massive signal. Seeing whales (10-10k BTC) increase their supply share to 68.17% in just a week while we are holding the $71k support is textbook accumulation. When the big players stop selling and start absorbing the liquid supply, a supply shock is usually next. I agree with philipma1957 the portability of BTC makes it the ultimate 'crisis' asset compared to physical gold. Target $90k still looks very much on the table for Q2.
Looks like very bullish to me, at least in short term. Because this whales knows something that we average joe investors don't. But the key here is just to continue to accumulate as much as we can.
The range of $70k-$80k might be the whales accumulation phase, that's why we have seen this massive buying spree by them. It's just a question on whether how long this will be. But we can only hope that this will be in the long term and not just this month of March.
I'm afraid this isn't it yet. The bulls aren't here yet. We're still in the middle of the bear market and this is just a temporary rise in the largely sideward movement. I'm expecting the price to go back below $70,000 in a matter of hours or days.
Perhaps this is just mainly brought by the Saylor effect after Strategy purchased almost $1.6 billion of Bitcoin a couple of days ago. The increase of 0.1% in the share of whales isn't that much really and surely doesn't signal a start of a bullish season. Those who have yet to buy still have time left. We're still on sale.
If we have shifted to a bullish market, I think there will be a surge to $80k in a short time. But we see now Bitcoin is back to $71k. We still cannot confirm whether the news can change the current market trend. But there is a possibility that for a few days we might be at the $69k-$72k price level. We might still be moving sideways to close this month.
have you seen this data this Bitcoin: Exchange Outflow from Crypto Quant means people are still withdrawing their Bitcoin and in theory there is possibility that they keep their bitcoin for long term hodler. the Fear & Greed Index is in "Extreme Fear", Historically, when whales accumulate during a period of extreme retail fear, it marks a local market bottom.
well in conclusion means the whale still buying at 70K level means the bottom could be this lever
As a rule, the accumulation of positions in terms of Bitcoin purchases by large investors is a good sign for further price growth. As a rule, shrimps rush around and do not know the moment when to enter correctly. And if whales enter a trading position, they know something.
Financing of short positions is still clearly negative, which reinforces the bearish dynamics observed in the referral premium. Despite the fact that BTC has rebounded from the lows, traders are still inclined to open short positions, which makes the market vulnerable to further growth caused by the squeeze.
I agree that when whales in the trading market start constantly buying bitcoin, this is a great symbol from on-chain analysts to the fact that these whales believe that bitcoin will only continue to grow. I also really like it when, at this signal, on-chain analysts write to us that whales are starting to withdraw bitcoins from exchanges, because obviously, then they will resort to cold storage on wallets, and whales will not just transfer bitcoins back and forth, so if they transfer to cold wallets, then they will stay for a long time.
Maybe for a few months, sometimes even for a few years. They will simply stop at a trading position and wait for some very high price that they have set for themselves.
Whales do not worry about falls, they do not need the money today, so they can buy and hold far longer than retail smaller investor. it means anytime the price falls, they would feel fine about it and they would just buy more and keep waiting. So the price falling is when we should be buying, that is what they do, that is how they got rich, if we can buy and hold then we can get richer when the price goes back up.
Unfortunately most people who are not trading properly do not know this, and they can't invest the way a whale would and that's the difference. If a retail investor, say has 1k , but can wait long enough, they can turn that into 3-4k easily when they buy at the bottom and sell at the top, repeat that in a few cycles and you are now rich.
The whales knew what's up. Old and large wallet like this usually the one that gets the most ROI out of the market statistically speaking.
While the retailers are giving up their bitcoin holding to the whales who accumulate, we should do the opposite and instead continuing the DCA like usual.
Or we don't know what's going on behind, but this whales are simply what they are known, accumulating as much as they can and not going to sell until they will have any other business ventures that they needed this money.
Yes, that is the sad part, we retailers should not sell our precious Bitcoins to this whales, otherwise we are just donating cheap Bitcoins to them and then making them rich. So we should be at the accumulation phase right now and stop selling.
While there are a lot of companies who are collecting bitcoin, we also need to see that there are many dormant addresses that are selling lately.
And I am sensing that it's either because they are getting hacked, or they are just not want to be in bitcoin anymore. Look at the past, you will see in the past six months, there has been an abnormal amount of wallets that held bitcoin for 10+ years and did not make a single move and started to sell now. That matters, and should be taken into account.