Bitcoin whales accumulate 1,002 BTC daily
Following a price correction after Donald Trump's inauguration, Bitcoin (CRYPTO:BTC) whales have resumed significant accumulation, acquiring an average of 1,002 BTC daily.
This activity comes in the wake of Bitcoin's record high of over $109,000 on January 20, which was followed by a decline as initial policies from the new administration failed to address the cryptocurrency market effectively.
Data from Santiment indicates that wallets holding more than 10 BTC have been actively accumulating during this period, contributing to a 2.8% price increase over the last five days.
Historically, whale activity has been a strong indicator of market trends.
For instance, from July to October 2024, a daily accumulation of 164 BTC coincided with a 7.3% price decline.
However, this trend shifted dramatically in subsequent months with higher accumulation rates leading to notable price increases.
The most substantial accumulation occurred between November and December 2024 when whales added 2,060 BTC daily, resulting in a remarkable 35.8% price surge.
Current whale activities suggest renewed confidence among large holders, despite the recent volatility in the market.
High accumulation rates are often seen as a sign of optimism, while stagnation can indicate potential corrections.
The post-inauguration period has also seen increased speculation regarding crypto-related executive orders, contributing to market volatility.
As traders adjust their positions, approximately $816 million in long positions were liquidated following the inauguration.
QCP Capital has noted that Bitcoin volatility remains elevated and anticipates continued fluctuations as markets await further developments regarding Trump's policies on cryptocurrencies.
In addition to individual whale movements, states like Texas and Massachusetts are exploring proposals for independent crypto reserves, signaling growing institutional interest in Bitcoin.
At the time of reporting, the Bitcoin (BTC) price was $105,960.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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