Wealthy Investors Are Returning To Bitcoin (BTC). Bull Season Begins?
The first days of July saw a significant increase in the assets of whales holding 1000 to 10000 BTC in their wallets. The assets of these Whales exceeded 4.5 million in February, breaking the all-time record. Later, with the decline in the markets, the sales of the whales increased. But this month it reached the highest levels of the last 2 months. Let's examine what this means.
According to Glassnode data, there is a significant increase in the assets of whales holding 1000 to 10000 BTC in their wallets. With the bull run in February, the presence of these whales broke an all-time record. With the decline in Bitcoin (BTC), some whales started selling their holdings. There was a serious drop last month, which meant some whales were selling their holdings.
When the Glassnode data is checked, it is seen that the whales started to buy Bitcoin (BTC) again in the first days of July. This means that wealthy investors and institutional companies are starting to invest in Bitcoin (BTC) again. Looking at the statistics of Bitcoin in the past years, this may be a sign of the bull season. Investing in an asset by institutional firms and wealthy investors can make that asset more valuable. In addition, these whales can be institutional firms and wealthy investors who have just entered the crypto market.
In short, the latest data may be a signal of a bull run. Despite the sharp declines and rapid rises in Bitcoin (BTC), it seems that whales have a desire to buy more. In such cases, the fluctuation in the markets may be more. Because on the one hand, there are those who want to sell their assets between $35,000 and $40,000, but on the other hand, there are those who want to buy more BTC close to $30,000. Current statistics show that the number of those willing to buy is higher, which signals that the bull season will begin.
These are my thoughts. What do you think?
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