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Bitcoin whales acted like the shadow kings of the crypto world. Individuals or institutions with massive amounts of Bitcoin have been actively operating in the market since March 2024. Their activities have had noticeable effects not only on Bitcoin but also on the global crypto market dynamics.
Bitcoin Whales Keep Accumulating
In March, whale holdings increased by 9.8%, drawing attention. This increase indicated that whales were rapidly expanding their Bitcoin reserves and entering a strong accumulation phase. This trend showed growing confidence among the largest players in Bitcoin’s long-term value appreciation potential.
However, there was a slowdown in April. The accumulation rate of whales decreased, and holdings only increased by 4.2%. Despite the declining rate, it is clear that whales continued to invest in Bitcoin. This likely indicates a strategic choice to wait for better buying opportunities or changes in market conditions.
Bitcoin Whales Continued Buying in May
At the beginning of May, Bitcoin’s price saw a significant drop, falling below $57,000 with a decline of over 20%. However, this drop did not deter the whales. On the contrary, they saw this drop as a buying opportunity and purchased significant amounts of Bitcoin during this period. This move once again demonstrated the effectiveness of whales’ strategy to increase their holdings during dips.
Later in May, whale accumulation rose to 5.5%, signaling a revival. This revival showed that whales regained their confidence after the price drop and continued to increase their BTC reserves.
Throughout the year, there was a significant increase in the investments of whales in Bitcoin. Whale investments in Bitcoin doubled from $57 billion to $122 billion according to the “realized value” metric. At this point, Bitcoin whales have become an important part of not only the Bitcoin market but also the overall crypto market.
