- Despite high whale accumulation, selling sentiment remained dominant in the market.
- A few of the metrics looked bearish on BTC, suggesting a possible trend reversal.
The last week remained profitable for Bitcoin [BTC] investors as the king of cryptos’ price rallied substantially. Meanwhile, the latest data revealed that BTC whales stockpiled even more tokens, reflecting their confidence in the coin.
Bitcoin accumulation is rising
CoinMarketCap’s data revealed that the king of cryptos’ price shot up by more than 8% in the last seven days. The hike in Bitcoin’s value helped it once again go above the $42,000 mark.
At the time of writing, BTC was trading at $42,990.34 with a market capitalization of over $843 billion.
However, a popular crypto analyst has pointed out an interesting development.
As per the tweet, there were around 67 new entities with 1,000 BTC or more, which was a 4.50% rise in just a matter of two weeks. This means that when prices retraced after crossing $48k following the ETF approval, whales were busy hoarding.
While some shivered with fear during the recent price correction, #Bitcoin whales were accumulating more $BTC!
Around 67 new entities now hold 1,000
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