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As Bitcoin’s value nears $70,000, large-scale holders (“whales”) are rapidly accumulating the cryptocurrency, potentially signaling a forthcoming surge in Bitcoin value. Verified crypto author Woominkyu believes the pattern mirrors July 2020’s trend, post-Covid-19 financial uncertainty. Previously, Bitcoin whales accrued over 1.5 million Bitcoin in the past six months. Ki-Young Ju from CryptoQuant says the new whale wallets hold 9.3% of the total Bitcoin supply, seeing an 813% surge in BTC balance this year. However, long-term holders and miners may bring resistance to Bitcoin’s price rise.

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As Bitcoin’s value approaches $70,000, big-money Bitcoin holders are accumulating more of the cryptocurrency at a pace similar to the period between July 2020 to January 2021, when Bitcoin value shot up by 550%.

Woominkyu, a verified crypto author, believes this growth pattern might inspire a new surge in Bitcoin value. The situation looks a lot like July 2020, just after the Covid-19 financial shakeup. In spite of Bitcoin’s price fluctuating, big-money holders, known as “whales,” are betting on a long-term increase in value. Woominkyu shared his observation that, “Whales are ready to welcome “FOMO” by ordinary investors.”

Previously, it was reported that Bitcoin whales had accrued over 1.5 million Bitcoin within the past six months, with each whale holding over 1,000 BTC, valued at around $68M.

Ki-Young Ju, CEO of CryptoQuant, said the new whale wallets make up 9.3% of the total Bitcoin supply. These accounts, on average, hold Bitcoin less than 155 days old and total 1.97 million BTC.

There is a change though between these whale wallets and the typical exchange wallets; these are generally non-miner wallets and are potentially custodial. So far this year, these accounts have seen an 813% surge in BTC balance. If they continue to invest, it will account for 9.3% of the total available Bitcoin, having a value of $132 billion.

While this whale activity suggests a positive future for Bitcoin, long-term holders and miners might add some resistance to its price. Another CryptoQuant analyst, IT Tech, has suggested that these long-term holders are stabilizing their investments or taking their profits now.

Miners, who ensure the Bitcoin network’s operations, now have more sustainable profits, which often correlates with Bitcoin price peaks. Short-term holders are accumulating more Bitcoin, which could balance out any selling pressure. IT Tech noted that it’s important to keep an eye on short-term holders, long-term holders, and miners as their behavior could influence Bitcoin’s next big move.

Source: Cointelegraph