- Whale wallets ramped up 20,000 BTC in two days, taking the collective Bitcoin holdings to around 4.57 million BTC.
- Glassnode’s Accumulation Trend Score shows strong buying activity among both large and smaller Bitcoin holders.
- BTC outflows from exchanges hit a two-year high, signaling renewed investor confidence and potential market re-accumulation.
Large Bitcoin accumulators are actively increasing their BTC stash according to the latest market trend spotted by prominent crypto expert Ali Martinez. The market commentator disclosed that whales have purchased significant amounts of Bitcoin in the past 48 hours. This increased buying activity follows Bitcoin’s price comeback over the past week.
Whale Accumulation Surges: 20,000 BTC Added, Signaling Potential Market Rally
In a recent X post, Ali drew attention to a notable market trend: whale wallets holding between 1,000 and 10,000 BTC have snapped up over 20,000 BTC in the past two days. During this short window, their total balance jumped to around 4.57 million BTC. Earlier this month, whale activities remained relatively flat with negligible movements. During that period, Bitcoin traded below the $90K mark amid regional trade tensions between China and the US.
However, whale buyers stepped in around April 20, causing a noticeable surge in buying activity. By April 26, whale wallets had grown their collective holdings from approximately 4.51 million BTC to around 4.57 million BTC, marking an increase of roughly 60,000 BTC.
Historically, such heavy buy pressure from whales serves as a precursor to a potential rally. Large asset holders are often referred to as market influencers, as their activities can significantly impact price trends. For instance, increased purchases may reduce the supply of BTC in the market. In turn, this scarcity could lead to increased demand, thereby driving up the coin’s price.
Whales and Traders Accelerate Bitcoin Accumulation
Glassnode’s proprietary Accumulation Trend Score supports this renewed BTC stacking by whale wallets. According to the trend results, wallets holding over 10,000 BTC had a purchase score of 0.90. The score stood at 0.7 for whales holding between 1,000 BTC and 10,000 BTC. For clarity, a score of 1 suggests high accumulation trends, while values near zero indicate low coin patronage.
Glassnode remarked:
So far, large players have been buying into this rally.
Meanwhile, smaller wallets are also joining the accumulation frenzy with a score of 0.5. CryptoQuant’s analysis of the 100-day SMA shows that BTC outflow from CEX platforms has hit a two-year high. Analysts at the onchain analysis firm claim that this could signify asset re-accumulation by traders.
They said:
A review of historical patterns suggests that this could imply re-accumulation of assets by investors,
Token withdrawal from exchanges usually signifies that investors are moving their tokens from platforms to private wallets. Moreover, it signifies increased confidence in a coin’s price trajectory.
Bitcoin Travels Northbound, Amplified by Whale Activity and Bullish Flashes
The recent whale exploit comes amid Bitcoin’s price recovery in the past week. At the time of writing, BTC trades at $94,278 following a 10.92% week-to-date increase. It has seen 18 green days in the past month and trades close to its cycle high.
Source: CoinMarketCap
Furthermore, the coin is positioned firmly above the 200-day SMA, hinting at a possible uptrend. According to Coincodex technical indicators, the BTC price sentiment is currently bullish, supported by a Fear and Greed score of 65.
