Bitcoin Whales Signal Suggests That The Richest Crypto Holders Anticipate A Seismic Market Shift
The crypto market seems to be slowing recovering as the first the digital assets on CMC have started trading in the green.
At the moment of writing this article, BTC is also trading in the green and the coin is priced at $9,671.20.
This was after a couple of days of a significant fall in price for BTC.
As we reported just the other day, the market volatility was really high lately, and this fall in price came after a few ups and downs above and below $10k.
BTC fell about $600 in a matter of minutes and the move might have signaled “sell” according to analysts.
Bitcoin whales accumulated BTC
Bitcoin whales seem to be accumulating BTC at a really fast pace says a new report from the exchange Kraken.
The crypto exchange said that the biggest buyers and holders of BTC begin to come out of hibernation maybe in an anticipation of a seismic shift in the markets.
This new report noted that BTC addresses with 1,000 BTC to 10k BTC grew a lot near the end of last month.
“Notwithstanding January’s surge in price and modest tick higher in volatility, the number of whales in this cohort ticked higher as we approached month-end. This may mean that sentiment amongst the ₿1,000 – ₿10,000 cohort is starting to shift to a new accumulation phase,” according to the report.
Accumulation resumes ahead of a seismic shift
Kraken said that “accumulation has resumed” among retail investors, who also seem to be hoarding BTC at a rising rate.
“Should history repeat, we anticipate accumulation to conclude in the weeks/months ahead and volatility to re-emerge. This dynamic of ‘accumulation preceding volatility’ may be explained as an absorption of market liquidity, creating tight supply/demand imbalance conditions in the future,” according to Kraken’s report.
We recommend that you check out Kraken’s complete report about a potentially seismic shift in the crypto market.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.