U.Today – In a recent X post, CryptoQuant head of research Julio Moreno revealed that new whales have injected approximately $100 billion into the market in 2024.
This substantial influx of high-net-worth individuals and institutional investors marks a significant development in cryptocurrencies, reflecting growing confidence in Bitcoin's long-term potential.
Bitcoin whales are generally defined as individuals or entities that hold large amounts of BTC and will be added to this category of addresses this year.
Notably, this new inclusion of whales has collectively contributed around $100 billion to the Bitcoin market since the beginning of the year.
The $100 billion inflow represents a broader accumulation trend, in which $1 billion was added daily to new whale portfolios.
In a May 31 X post, CryptoQuant founder Ki Young Ju drew parallels between current market activity and patterns seen in mid-2020. Back then, a similar phase of whale accumulation preceded a bull run that made the price of Bitcoin reach $69,000 in 2021.
The current scenario suggests that the story may be resonating, with high on-chain activity and daily additions of $1 billion to new whale wallets.
The implications of this trend are multiple. On the one hand, it indicates increased market interest and possible bullish sentiment among investors.
Despite low levels of price volatility, the significant movement of these whales into BTC could be setting the stage for another rally. Analysts are closely monitoring Bitcoin price resistance around $72,000, with predictions that breaking this threshold could lead to new all-time highs, possibly around $75,000.
As of this writing, BTC is down 0.25% in the last 24 hours to $67,734. The price of Bitcoin (BTC) has been trading in an exceptionally tight trading range of around $68,000 since last week, but fell to around $66,584 on Friday.
This article was originally published on U.Today.
