Bitcoin Supply Held by ‘Whale Entities’ Hits Two-Month High in Bullish Sign
5 Jul, 2021•2 min read•Bitcoin
Wealthy investors look to be making a comeback into the bitcoin market, a blockchain metric that warned of a price drop in early May shows.
Whales became sellers in the subsequent months, taking the wind out of the bull run, and by early May, their bitcoin stash had dropped by 8% to 4.17 million BTC. Bitcoin mostly remained coiled in the range of $50,000 to $60,000 during that period, barring a brief spike to a record high of $64,801 in mid-April. The price action highlighted the inability of smaller investors to do the heavy lifting and signaled the potential for a notable price correction. Bitcoin fell by 40% in May, hitting lows near $30,000, and dipped further to $29,031 in June, per CoinDesk 20 data. The latest uptick in the whale balance suggests the bottom may have been reached. The cryptocurrency is trading near $35,500 at press time, representing a 2.3% gain on the day.