Bitcoin Whales Go on Buying Spree as 28,000 BTC Accumulated
According to a recent report by crypto analytics firm CryptoQuant, more than 28,000 BTC ($2.6 billion) were accumulated by big players in the crypto market. According to the CQ, these accumulated addresses consist of Over-the-Counter (OTC) trading desks, major institutional investors, and long-term HOLDers.
The move is bullish for the premier digital currency as these wallet addresses arent associated with spot cryptocurrency exchange accounts and are a sign of long-term accumulation. In other words, more than $2.5 billion worth of BTC was taken off the market, which can considerably affect market pressure in the coming weeks.
Bitcoins Recent Price Stagnation
Here is Bitcoins price action from the last three months:
The largest cryptocurrency by market capitalization has had an uneventful last 3-4 months overall. The index has largely stuck between the relatively narrow $93k-$106k trading range with only minor price deviations in between. While this frustrates many crypto users, we must consider the larger market economy.
The American stock market has been under immense pressure for the last few weeks because of the surprise arrival of the Chinese AI chatbot Deepseek. The market has witnessed double-digit losses overall. However, Bitcoin has been able to considerably shake off the negative market pressure and rein in any major bearish concerns.
On the other hand, price stagnation is very real and is starting to shake some nerves among investors. The important news is that a long period of price stagnation often follows up with a sharp price increase or decrease.
The Future
As Bitcoin accumulation statistics pile up, the market will likely bounce back soon enough. The buy forces are still strong, and on-chain data supports the resumption of the bull market. However, considering evolving factors like the feared USA-China trade war and under-pressure AI investments, continuing this bull market may take some time. Big news regarding Donald Trumps campaign promise of a Bitcoin strategic reserve might provide the spark needed right now.
There is no clear timeline for when this major market opportunity will arise, but one can expect the situation to improve in the second quarter of 2025, with a probable peak emerging in the fourth quarter of 2025.
Read more: https://zycrypto.com/bitcoin-whales-go-on-buying-spree-as-28000-btc-accumulated/
Text source: ZyCrypto
