Whales accumulated over $929M in Bitcoin in the last two weeks, should you BTC now?

0
3

Bitcoin (BTC/USD) whales are showing signs of sustained accumulation, which has been rare to see throughout this crypto winter. Whales have collectively added 46,173 BTC ($929 million) to their wallets.

Bitcoin is the largest cryptocurrency in terms of market capitalization as well as overall appeal, and it has been hit hard by the crypto winter.

However, this accumulation could signal a bullish run in the future of the cryptocurrency as confidence within BTC increases.

Whale accumulation as a catalyst for growth

In the latest Bitcoin news, since September 27, the addresses that hold 100 to 10,000 BTC have added 46,173 BTC collectively to their wallets, as large Tether (USDT/USD) holdings have decreased, according to a report by Santiment. 

Source: Santiment

This trend is a turnaround from an 11-month-long drop in the BTC holdings of whales, which was also previously reported by Santiment.

This latest accumulation is a signal that the BTC market has likely reached a bottom and could be poised for an upwards bounce.

When we look at data from Btc.com, we can see that the mining difficulty of Bitcoin has reached new heights.

As of October 10, 2022, the difficulty is at 35,610,794,164,371m, with the hashrate at 259.68 EH/s.

Source: BTC.com

However, as we go over its recent performance, we can see that things might be looking up for this cryptocurrency.

Should you buy Bitcoin (BTC)?

On October 10, 2022, Bitcoin (BTC) had a value of $19,371.

BTC/USD Chart by TradingView.

The all-time high of the Bitcoin (BTC) cryptocurrency was on November 10, 2021, at a value of $69,044.77. Here we can see that at its ATH, BTC was trading $49,673.77 higher in value, or by 256%.

When we go over its 7-day performance, Bitcoin (BTC) had its low point of value at $19,180.60, while its high point of value was at $20,420.51. Here we can see that BTC experienced a difference in the value of $1,239.91 or by 6%.

Taking a look at the 24-hour performance, Bitcoin (BTC) saw its low point at $19,182.52, while its high point was at $19,550.72. Here we can see an increase in its value by $368.2 or by 2%.

With all of this in mind, investors might want to buy BTC and begin accumulating the cryptocurrency, as there are signs that it can climb to over $21,000 by the end of October 2022.

The post Whales accumulated over $929M in Bitcoin in the last two weeks, should you BTC now? appeared first on Invezz.