Crypto analysis firm IntoTheBlock’s latest data shows that Bitcoin whales have begun aggressively buying the largest cryptocurrency, following its drop below the $60,000 mark. This indicates strong buying interest from major holders. Last month, wallets holding over 0.1% of the total Bitcoin supply saw a net inflow of approximately 55,000 BTC. The chart below illustrates the net flow of wallets holding over 0.1% of Bitcoin supply.
Data reveals that in the past 30 days, large Bitcoin whales have accumulated a positive net flow exceeding 55k $BTC, signaling accumulation. The peak of this accumulation appears strongest at present.
Yesterday, pseudonymous crypto analyst Alimardani pointed out early signs of a rebound in Bitcoin after what seems to be a three-month accumulation phase. Ki Yong Joo from CryptoQuant recently mentioned that sideways movements in Bitcoin prices could present a good buying opportunity for investors, despite negative market sentiment, as Bitcoin remains in an uptrend.
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Has the Bitcoin bull market ended? – Insights from CryptoQuant analysts
On Wednesday, Bitcoin dipped to an intraday low of $59,120, prompting prominent financial expert Peter Schiff to predict a significant pullback. However, bullish sentiment remains determined to defend the key level of $60,000.
