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Bitcoin Whale Addresses have Grown by US$1.95 Billion Last Week, Whales and Miners Continue BTC Accumulation

Bitcoin price failed to touch the US$40,000 level and currently hovering just above the US$35,000 level. Thanks to the gimmick-playing tweet of billionaire and Tesla CEO Elon Musk, the retail traders remain undecided. However, the whale addresses continue their accumulation of Bitcoin (BTC), especially after the heavy sell-off in the last few weeks. On-chain data provider, Santiment’s data shows that balances for the whale addresses holding between 100–10,000 Bitcoins are again growing.

Bitcoin price hit an all-time high (ATH) on April 14, 2021, at US$64,863.10, and hit its 90-day low level on May 23, 2021, at US$30,681.50. Within 40-days, the BTC price against the US Dollar (BTC/USD) has corrected by over 50%. The total balance of the whale addresses from the ATH to the 90-day low level has shrunk by around 130,000 Bitcoins, which is worth around US$4.55 billion.

However, in the last 10-days, the whale accounts have again started accumulating Bitcoins. Till press time, the total number of Bitcoins accumulated by the Bitcoin whale addresses has increased by 50,000 BTCs, which is worth around US$1.95 billion. In fact, the trend reversal of the whale accounts is a sigh of relief for the market because it seems that the Bitcoin investors are regaining confidence. In addition to the whales, the Bitcoin miners have also started to accumulate BTCs during the price correction.

CryptoQuant’s data suggest that the BTC deposit of the miners at cryptocurrency exchanges are declining. This suggests that the miners are not willing to book profit currently. On June 3, 2021 (Thursday), more than 3,000 BTCs have left the wallet of Poolin, which was the biggest ever outflow of the miners for 2021. It seems that with every passing day, the fundamental build-up for BTC is getting stronger.

Bloomberg Crypto Index 2021 says that there are high chances that the price of each Bitcoin will start appreciating towards the US$100,000 level rather than sustain below US$20,000. It says that the decisive price surge will restart after the BTC/USD pair successfully moves above the US$40,000 level.

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