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Large Bitcoin holders, colloquially known as whales, have been accumulating significant amounts of the flagship cryptocurrency to the point that in just three weeks, they added 140,000 BTC to their wallets.
That’s according to popular cryptocurrency analyst Ali Martinez, who noted that collectively Bitcoin whales have added $6.16 billion worth of BTC to their wallets in less than a month, using data from on-chain analytics firm Santiment.
#Bitcoin whales have been on a buying spree, acquiring 140,000 $BTC over the past three weeks, amounting to $6.16 billion! pic.twitter.com/ViRnYiJHmp
— Ali (@ali_charts) February 10, 2024
Martinez emphasized the importance of this buying spree, noting that it aligns with a bullish signal from the Super Trend indicator on Bitcoin’s monthly chart. The Super Trend is a tool used by traders to discern market trends, and according to Martinez, it has a track record of accurately signaling the onset of Bitcoin bull markets.
Per his words, the indicator has signaled four buy signals since Bitcoin’s inception, and after these four signals, the cryptocurrency saw gains of 169,172%, 9,900%, 3,680%, and 828%, respectively.
Bitcoin is, at the time of writing, trading at its highest level since December 2021, as it recently surpassed the $50,000 mark as the spot Bitcoin exchange-traded funds (ETFs) launched in the US last month keep on attracting inflows.
#Bitcoin has just broken $50,000 for the first time since December 2021!
— CCData (@CCData_io) February 12, 2024
This comes amidst strong ETF net inflows, with US spot Bitcoin ETFs accumulating over 200,000 $BTC already, helping drive positive sentiment across the market. pic.twitter.com/vt8r0guXUo
Data shows that these ETFs have, since launch, brought n roughly $3 billion in net flows, even with the Grayscale Bitcoin Trust, which recently converted into a spot ETF, seeing over $6 billion of outflows.
As reported, over the past week cryptocurrency investment products attracted $1.11 billion in inflows, with Bitcoin-focused products making up 98% of total inflows at over $1 billion. Products offering exposure to Ethereum ($ETH) and Cardano ($ADA) also stood out.
Earlier this week Arthur Hayes, co-founder and former CEO of derivatives cryptocurrency trading platform BitMEX, shifted his stance on Bitcoin from short-term bearish to decidedly bullish, following the cryptocurrency’s recent performance that defied his expectations.
Earlier in the year, Hayes had bet on a short-term dip in Bitcoin’s price by purchasing put options at a $35,000 strike price, anticipating a market correction. However, in a recent interview with Crypto Banter, Hayes expressed his optimism for Bitcoin, predicting it could reach new all-time highs of $70,000 by the end of the year, without foreseeing any significant downturns in the near future.
Featured image via Unsplash.