Bitcoin whales continue to show resilience and ease in the leading cryptocurrency. This group of buyers has bought a lot of Bitcoin over the past week, even though the price has been very unstable.
Market intelligence tool IntoTheBlock says that BTC addresses holding between 1,000 and 10,000 BTC have gained 20,000 BTC, equal to $1.4 billion, during this time. This is in line with Bitcoin’s recent rise above $70,000.
These substantial purchases by “whales” show that the BTC market is getting busier, which could lead to more price increases. Also, a recent market report from the on-chain analytics tool Glassnode shows that selling pressure on BTC has decreased, which indicates that the price is likely to rise. As a result, BTC price will continue to rise because of a lot of whale action.
At the same time, institutional buyers are returning to the market and putting more funds into BTC. Over the last two weeks, Spot Bitcoin ETFs have seen an enormous rise in new investors.
Institutional Investors Boost Bitcoin
According to figures from Farside Investors, new investors added nearly $800 million in just one week. James Check, also known as Checkmatey, is a crypto analyst who thinks these institutional investments could raise Bitcoin’s price to new all-time highs.
Crypto expert Gustavo Faria shares similar thoughts, pointing out new signs of renewed demand that make an earlier-than-expected market rally more likely. Analysts like BitQuant also provide information about BTC possible upward trend and predict that the price will reach $95,000.
Santiment, an on-chain analytics tool, increases confidence in Bitcoin’s market dynamics by pointing out that more stablecoin wallets are not empty. This trend shows that whales become more confident as they actively collect stablecoins to exploit market opportunities.
According to the most recent data from CoinMarketCap, Bitcoin is now worth about $67,200. This is a small drop of more than 3% in the last 24 hours. Even though prices change quickly, the general market mood is still positive thanks to strong institutional interest and whale accumulation.
