Bullish! Whales Accumulate $11 Billion BTC in Two Weeks

Despite the macroeconomic uncertainty that has raised doubts about Bitcoin’s (BTC) recent gains, whales continue to demonstrate their confidence in the asset. Data from blockchain analytics firm Glassnode revealed that these largest investors have aggressively acquired over 129,000 BTC in just two weeks.

This move suggests that while some market participants may be unsure of Bitcoin’s price outlook, whales view the asset through the lens of its future price appreciation despite macroeconomic uncertainty.

Whales Accumulate Over $11 Billion Worth of BTC

Per Glassnode data, Bitcoin whales accumulated over 129,000 BTC, demonstrating their optimistic outlook on the cryptocurrency. This aggressive purchase, which started on March 11, is worth about $11 billion at the current market price. 

Notably, the analytics firm pointed out that the last time the market witnessed this accumulation rate was in August 2024, suggesting a pattern that analysts and traders should watch closely. 

The recent action by whales might likely create a positive momentum within the crypto ecosystem. Historically, increased buying pressure can sway market sentiment toward optimism, potentially paving the way for an upward trend in Bitcoin’s price.

BTC has regained some stability since reaching lows of under $78,000 about two weeks ago. The leading cryptocurrency is currently trading at around $87,244, reflecting a modest 0.5% increase for the day and a 1.31% rise over the past week. This recovery has been fueled by anticipation and optimism that the Federal Reserve may shift its monetary policy from tightening to easing concerning U.S. bonds. Market analysts believe that such a change could significantly enhance Bitcoin’s price.

Bullish Outlook

CoinTab recently reported that Bitcoin’s supply on exchanges has dropped significantly as holders have switched to long-term accumulation. This suggests that investors have grown increasingly comfortable holding the crypto asset for the long term despite short-term volatility.

The positive shift in market sentiment also draws attention to the increasing interest in Bitcoin among institutional and long-term custodian services. This is evidenced by the inflows into spot Bitcoin ETFs and the significant accumulation by several corporations with Strategy at the forefront. 

Moreover, a recent price forecast by Arthur Hayes, a Co-founder of BitMEX, predicts that Bitcoin could hit $110,000 soon. However, he mentioned that the asset could drop to about $76,500.