Recent on-chain data reveals a trend of aggressive accumulation of Bitcoin (BTC) by whales, with over 30,000 BTC, roughly $1 billion, purchased in just five days. Crypto analyst Ali highlighted this significant activity on Twitter, suggesting a growing interest from major investors in the cryptocurrency.
The surge in Bitcoin ETF applications seems to have sparked this increased appetite, especially among institutions and Bitcoin whales. Data from IntoTheBlock, a blockchain analytics platform, supports this, showing a spike in institutional activity and large transactions over $100,000 on the Bitcoin network. These transactions have reached a new peak in 2023, especially following Blackrock’s ETF application, coinciding with Bitcoin’s achievement of new yearly highs.
Bitcoin’s price briefly surpassed $35,000, a level not seen since May 2022, and has experienced a 14.44% increase over the last week, currently stabilizing around $34,253. The market value to realized value (MVRV) ratio indicates that Bitcoin is not as overheated as in previous bull markets, suggesting potential for further growth.
Analysts are watching the $35,000 level closely, as breaking this resistance could lead to a surge towards $38,000–$39,000. However, if a correction occurs, there seems to be strong support near the $30,000 mark. With Bitcoin already up over 100% in 2023, these developments suggest we might be in the early stages of a new bull market.
