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A Bitcoin ($BTC) whale turned bullish in May and recently restarted accumulating coins. The address went from a nearly $20 million worth balance to $175 million this month, holding over 2,600 $BTC.
Notably, the Bitcoin Whale address possibly belongs to a cryptocurrency trader, as it shows a high buying and selling activity. Historically, ‘124BPp9mTaXxTXiRx8cxEZDd4sGjoxGk9F‘ received a total of 150,435 $BTC and spent 147,831 $BTC—consistent trading activity since 2018.
In particular, the whale sold over 2,800 Bitcoin from March to April, holding a remaining 287 $BTC bearish balance. However, it started gradually stacking coins on May 3, with its most relevant activity happening in the past 24 hours.
Since May 18, this trader bought 1,590 $BTC, adding to an already increasing balance of 1,014 $BTC by May 17. Before May, its 287 $BTC balance was worth less than $20 million, now sitting in a nearly $175 million stack.
Bitcoin whale activity
Interestingly, the overall Bitcoin whale activity has signaled a bullish year-over-year price action for $BTC, aligning with this trader’s accumulation. Vini Barbosa retrieved data from Santiment’s SanBase Pro for Finbold, showing this aforementioned activity.
As observed, Bitcoin addresses holding from 1,000 to 10,000 $BTC have aggressively accumulated nearly 5 million coins. It is worth noting the cross-over of addresses with less than 1,000 $BTC a few months before Bitcoin reached new all-time highs: Whales accumulated more, while retail was selling aggressively.
Specifically, the Bitcoin whale trader ‘124BPp9mTaXxTXiRx8cxEZDd4sGjoxGk9F’ sold most of its one-year accumulation at the top and has started accumulating again.
In closing, this recent Bitcoin whale activity could be seen as a bullish signal for the leading cryptocurrency. The address in question has shown a solid history of making good trading decisions and has already stacked $175 million. Should this signal play out, $BTC could be heading toward $72,000 and beyond.
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