Bitcoin whales acquired 15,121 BTC in the last 24 hours, raising their total BTC holdings to a two-week high.
Bitcoin whales are making significant BTC purchases, signaling the start of a re-accumulation phase for market participants.
According to a tweet from blockchain analytics platform Santiment, large investors holding 1,000 to 10,000 BTC collectively bought over $941 million worth of the asset in the last 24 hours.
Bitcoin Whales Amass More BTC
Over the past 24 hours, Bitcoin whales have increased their holdings by 15,121 BTC, bringing their total stash to its highest level in two weeks.
Santiment noted that this uptick reflects whales’ confidence in the Bitcoin market.This renewed accumulation follows weeks of substantial selling and profit-taking by whales.
As reported in late April, on-chain analysts observed a rise in inflows to centralized exchanges, primarily from Bitcoin whale assets. This occurred after whales saw an increase in unrealized profits due to BTC’s climb past $60,000.
Currently, Bitcoin fluctuates between $60,000 and $64,000, maintaining this range for weeks and offering investors a chance to buy the dip as they anticipate the peak of the bull cycle.
Bitcoin Inflows Show Signs of Rising
Santiment’s analysis is in line with other on-chain experts, who have observed an uptick in Bitcoin network inflows. Last week, Bitcoin whales purchased 47,000 BTC worth over $2.8 billion within a 24-hour period.
According to CryptoQuant CEO Ki Young Ju, this substantial accumulation marks the start of a new era for the leading cryptocurrency.
Prominent Bitcoin analyst Willy Woo recently stated on X that BTC investors seem to be buying up the digital asset again, though it might take a week to confirm the trend reversal.
Earlier this week, analysts at the crypto exchange Bitfinex noted that some on-chain metrics indicate a decrease in selling pressure from BTC investors, suggesting a potential price recovery.
Additionally, the United States spot Bitcoin exchange-traded fund market is seeing increased positive flows compared to last week. While there was just one day of inflows last week, there have been two this week.
The latest moves by Bitcoin whales point to the beginning of a post-halving re-accumulation phase, which is expected to persist for several weeks before the bulls take control.
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