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On-Chain Data Also Supports Bitcoin Rise: Whales Are Actively Accumulating! - Coin Bulletin
Bitcoin (BTC) price has reached 94 thousand dollars, rising again due to strong purchases from large investors.
At the beginning of April, Bitcoin (BTC), which fell below 75 thousand dollars, has shown a strong recovery in recent days, raising its price to 94 thousand dollars. Behind this price increase is the reactivation of the crypto whales known as significant players in the market.
The buying interest of especially large investors is also confirmed by the data prepared by the market analytics company Glassnode for the Accumulation Trend Score (Accumulation Trend Score). This special metric scores investors' on-chain buying activities between 0 and 1. A score of 1 indicates that there is intense accumulation, while values close to zero indicate the opposite.
According to Glassnode data, on Thursday, wallets holding over 10,000 BTC scored 0.90, while wallets holding between 1,000 and 10,000 BTC reached a score of 0.7. Smaller-scale investors also began to shift to the buying side with a score of 0.5.
Glassnode stated in its post regarding the subject, "So far, we see that major players are actively participating in this rise with purchases,".
On the other hand, according to the data released by CryptoQuant, the outflow of Bitcoin from central exchanges has reached its highest level in the last two years. This picture, particularly when examined over the 100-day moving average, is interpreted as investors withdrawing their assets to their own wallets with the aim of holding them long-term.
CryptoQuant analysts noted that this situation is consistent with historical models, stating that "According to past data, this volatility may indicate that investors have entered a phase of accumulation again,".
The exit of BTC from exchanges is generally associated with investors' desire to store their assets directly and is considered a long-term rise expectation.
Bitcoin is trading at around 93,742 dollars during the news writing.