Bitcoin Whales Return Strongly, Capitalizing on the BTC Price Surge

The bitcoin (BTC) price has bounced back to $94,000 after dipping below $75,000 earlier this month. This rally is attributed to major investors—often referred to as crypto whales—buying up significant amounts of coins from the market, which is seen as a strong indication of the ongoing price surge.

The increased purchasing activity from whales can be observed through the Accumulation Trend Score provided by Glassnode, which measures the scale of entities that are actively acquiring new coins on the blockchain. A score of 1 represents overall accumulation, while a figure close to zero signals the opposite.

As of Thursday, wallets containing more than 10,000 BTC had an accumulation score of 0.90, while those with 1,000 to 10,000 BTC recorded a score of 0.7. Even smaller wallets showed signs of accumulation, registering a trend score of 0.5.

“Up to this point, significant buyers have been participating in this market rally,” Glassnode pointed out on their platform.

Additionally, CryptoQuant’s data indicated that there was a notable increase in BTC outflows from centralized exchanges, the highest in two years based on a 100-day moving average.

“Analysis of previous trends suggests this may indicate a re-accumulation of assets by investors,” comments from CryptoQuant stated.

Outflows from centralized exchanges often signify investors’ preference for storing their coins directly, suggesting a strategy focused on long-term holding.