Bitcoin whale wallets, both new and old, are accumulating BTC in a manner reminiscent of the 2020 trend that led to a 550% rally. As Bitcoin's price approaches $70,000, the accumulation rate of whales is similar to the period from July 2020 to January 2021, following the COVID-induced crash. Analysts suggest this trend signals a potential breakout, with whale wallets having accumulated over 1.5 million BTC in six months. New whale wallets, constituting 9.3% of total supply, represent a significant portion of the market. Meanwhile, long-term holders may be stabilizing BTC prices by taking profits. Miners have also seen recent increases in profit sustainability which could correlate with price peaks. However, short-term holders appear to be shifting towards accumulation, suggesting the market can absorb any selling pressure. This dynamic highlights the importance of monitoring behaviors among short-term holders, long-term holders, and miners for Bitcoin's next moves.

Source 🔗