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Bitcoin Whales Bought $11B of BTC in Two Weeks as Confidence Grew, Glassnode Says
Whales are boosting their coin stashes, showing confidence in BTC's prospects despite lingering macroeconomic uncertainty.
What to know:
- Bitcoin whales are buying coins at the fastest pace since August 2024, according to Glassnode data.
- Other indicators like the Bitcoin 1Y+ HOLD wave show a renewed upswing, indicating a shift to a holding strategy.
While macroeconomic uncertainty and technical indicators raise doubts about bitcoin's (BTC) recent gains, purchasing activity by some of the largest investors indicates a more optimistic outlook.
Since March 11, so-called bitcoin whales have snapped up over 129,000 BTC, worth $11.2 billion at the market price of $87,500, according to data tracked by blockchain analytics firm Glassnode.
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That's the most significant accumulation rate since August 2024, indicating growing confidence in the largest cryptocurrency among the biggest market participants, Glassnode commented on X.
BTC has regained some poise, since reaching lows under $78K roughly two weeks ago. The recovery has been led by dovish comments from Federal Reserve and optimism that impending Trump tariffs on April 2 will be more measured than expected.
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Glassnode's analysis revealed that crypto whale addresses with over 10,000 BTC compensating for continued selling by small holders.
Other indicators, such as the "Bitcoin 1Y+ HOLD wave," tracked by Bitbo Charts show a renewed upswing, indicating a shift to a holding strategy, as Wednesday's edition of the Crypto Daybook Americas noted.
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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