Is BTC Whales Accumulation Leading Bitcoin Price Surge?
Bitcoin, the world’s largest cryptocurrency recorded a relief rally after the announcement of the US inflation rate. BTC prices are up by 25% over the past 7 days. However, the expert suggests that it is needed to be checked if it is organic or fake.
Big Bitcoins whale number on surge
IT Tech released its data on Bitcoin balance distribution addresses checking whether it is whale accumulation or wallet rebalancing by exchanges. Tracker mentioned that number of addresses from 1k to 10k has decreased the amount of BTCs. However, addresses holding 10K+ increased amounts of Bitcoin.
The report shows the data from 11.07.2022 to 20.07.2022. It depicts that number of addresses from 1k to 10k holding BTC has declined. However, more than 10k holders have increased from 94 to 98.
It mentioned that they checked all the addresses and found out that 4 of 8 addresses still have values over 10k+. Meanwhile, those addresses are from exchanges.
The tracker concluded that the number of addresses did not suggests who is behind those transactions. People might assume that whales are accumulating more. Meanwhile, these were not the whale addresses. It added that investors should not get into the moon narration running on social media.
What is leading global crypto surge?
Bitcoin price surged by over 7% in the past 24 hours. BTC is trading at an average price of $23,795, at the press time. Its 24 hour trading volume is also up by 8% to stand at $50 billion.
Meanwhile, according to the crypto quant, the global crypto market is stretching for the first time after the recent fall. It mentioned that the current situation shows that the amount of tokens transferred is small. While the volume is on a surge. However, the whale deposits trend to the exchange is the highest ever.
It can de be derived that the current crypto rally happened due to the resolution of pressing. Meanwhile, it is estimated that small whales might have raised the prices for some reasons without any major movement.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.