Bitcoin (BTC) Whales, large holders of the cryptocurrency, have resumed their buying spree after a pause following Bitcoin's all-time high in March. Market intelligence company CryptoQuant reported an increase in the 30-day percentage change in whale address holdings, indicating growing interest in accumulating Bitcoin at current price levels.
In March, whales had increased their BTC holdings by over 9.8%. Although its accumulation continued in April, the growth rate slowed to 4.2% on May 1, coinciding with a major market crash that saw the price of Bitcoin drop more than 20% to below $57,000. However, since the market bottomed, the accumulation rate has recovered to 5.5% as of May 22, indicating renewed interest from whales. During the market crash in early May, whales reportedly acquired 47,000 BTC, as highlighted by CryptoQuant CEO Ki Young Ju.
The return of strong buying force among Bitcoin whales suggests that they perceive current prices as favorable for buying and accumulating. Whales, defined as owners of Bitcoin addresses holding between 1,000 BTC and 10,000 BTC, excluding mining companies and crypto exchanges, tend to increase their buying activity during bull markets and reduce it during bear phases.
The current price of Bitcoin stands at $69,065, gaining 0.24% in the last 24 hours and 3.58% over the week. Notably, the amount of money invested by whales in Bitcoin has more than doubled from $57 billion to $122 billion since the beginning of the year, according to the observed โrealized limitโ of whale coins. The realized limit considers the total value of the coins owned by the whales at the time of purchase, rather than their current market value.
