Today marks another milestone for Bitcoin as its price surges to a high of $65.4k, according to data from CoinMarketCap. Behind this upward momentum lies intriguing insights into whale behavior and a surprising movement from a long-dormant wallet.
Whales, those holding substantial amounts of Bitcoin, have been actively accumulating during market dips, as indicated by data from intotheblock.
Whales are buying the dip, but is their conviction dwindling?
🛍️Addresses holding over 1000 BTC have accumulated strongly in recent months, especially during dips.
📈Prices have increased shortly following every accumulation.
However, note that each spike in accumulation by… pic.twitter.com/OkbekJr5NC
— IntoTheBlock (@intotheblock) May 6, 2024
Addresses with over 1000 BTC have notably increased their holdings in recent months, particularly during periods of price correction.
Interestingly, each accumulation spike has been followed by a price increase, although the size of these spikes has gradually decreased over time.
Whale Wallet Movements Of Massive Amounts Of BTC
Adding to the intrigue, Lookonchain data reveals a significant event: a wallet dormant for 10.3 years suddenly transferred all 687.33 BTC, valued at $43.94 million, just a few hours ago.
This move has sparked curiosity and speculation within the crypto community, especially considering that the same wallet received 687.33 BTC, worth $630k at the time, back on Jan 12, 2014, when the price of Bitcoin was $917.
A wallet that has been dormant for 10.3 years transferred all 687.33 $BTC($43.94M) out 10 mins ago.
The whale received 687.33 $BTC($630K at that time) on Jan 12, 2014, when the price was $917.
Address: 15WZNLACuvcDrrBL2btDErJggnaMQtHh5G pic.twitter.com/tEPqM0CrrK
— Lookonchain (@lookonchain) May 6, 2024
Despite the recent surge in Bitcoin’s price from $57,000 to $64,000, the MVRV 90-Day Ratio suggests that Bitcoin remains in a prime buy zone.
This metric indicates that the current price of Bitcoin is still relatively low compared to its average value over the past 90 days, potentially presenting a favorable opportunity for investors.
Despite #Bitcoin's recent surge from $57,000 to $64,000, the MVRV 90-Day Ratio indicates that $BTC remains in a prime buy zone! pic.twitter.com/xbGUjCcXnJ
— Ali (@ali_charts) May 5, 2024
As Bitcoin continues to captivate the attention of investors and enthusiasts alike, these recent developments highlight the dynamic nature of the cryptocurrency market.
With whales actively accumulating, dormant wallets springing to life, and key metrics signaling favorable conditions, all eyes are on Bitcoin as it navigates its next phase of growth and evolution.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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