Significant volatility and bearish pressures have obstructed Bitcoin‘s upward movement, leading the leading asset to decline drastically to the $74,000 mark before temporarily bouncing back to $78,000. Major investors have sustained a considerable bullish attitude and buying momentum even as BTC’s price undergoes continuous shifts.
Continuous Accumulation By Bitcoin Whales
As Bitcoin’s price contends with persistent bearish pressure, purchasing activity remains robust among specific BTC investors and traders. BTC’s current correction may have sparked apprehension within the market, yet these investors exhibited persistence, continuously acquiring the asset amid turbulent times.
Glassnode, a premier on-chain data and financial service platform, highlighted a considerable interest in BTC among large investors or whales as they significantly buy the asset despite recent downturns. Specifically, this heightened interest in BTC is noted among wallet addresses holding over 10,000 BTC.
The substantial buying pressure has propelled the Bitcoin Accumulation Trend Score to levels regarded as ideal positions. This indicator, which assesses the intensity and consistency of accumulation by large holders, implies that whales are reaffirming their confidence in BTC’s market dynamics.
Data from the on-chain platform reveals that wallets possessing over 10,000 BTC recently elevated the accumulation trend score beyond the 1.0 threshold at the beginning of the month. BTC’s accumulation trend score reaching this level signifies 15 consecutive days of vigorous purchasing activity from these large investors.
Interestingly, the indicator ascended to the level marked as a perfect score in under a week, showcasing substantial investor confidence. As of last Wednesday, April 2, the pivotal metric was located near the 0.6 level due to steady accumulation witnessed when Bitcoin’s price surged to the $87,000 mark.
Throughout this timeframe, the Bitcoin accumulation trend score for holders of 1 to 100 BTC declined below the 0.2 mark, indicating increasing capitulation. Thus, the gap between large and small investors became increasingly pronounced.
Simultaneously, the accumulation trend score of holders with more than 10,000 BTC has now decreased to 0.65, which indicates consistent accumulation. Moreover, the distribution has intensified among holders with 1 BTC to 100 BTC, with all segments moving toward 0.1 and 0.2, reflecting a clear and expanding divide between larger and smaller holders.
New BTC Whale Investors Entering The Market
BTC investor sentiment remains robust amid price fluctuations. Technical analyst and trader, Ali Martinez, disclosed that new large-scale investors are making their way into the market following an analysis of the key Bitcoin Number of Entities metric.
According to the expert, approximately 76 new entities with over 1,000 BTC have joined the network in the past 2 months. This represents a 4.6% increase in BTC entities, showcasing a rise in institutional interest.
Featured image credit: Unsplash, chart from Tradingview.com
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