Bitcoin whales resume buying spree after a pause

In March, whales had extended their Bitcoin holdings by over 9.8%

Bitcoin whales, large holders of the crypto currency, have resumed their buying spree after a pause following Bitcoin’s all-time peak in March. Market intelligence firm CryptoQuant reported a surge in the 30-day percentage change in whale address holdings, suggesting a growing interest in accumulating Bitcoin at current price levels.

In March, whales had extended their Bitcoin holdings by over 9.8%. Although their accumulation continued into April, the rate of growth slowed to 4.2% by May 1, coinciding with a significant market decline that saw Bitcoin’s price plunge more than 20% to below $57,000. Nevertheless, since hitting the market low, the accumulation rate has bounced back to 5.5% as of May 22, indicating renewed interest from whales. During the market dip in early May, whales reportedly acquired 47,000 Bitcoin, as highlighted by CryptoQuant CEO Ki Young Ju.

The return of strong buying force among Bitcoin whales indicates that they perceive the current prices as favourable for buying and accumulating. Whales, defined as owners of Bitcoin addresses holding between 1,000 and 10,000 Bitcoin, excluding mining companies and crypto exchanges, tend to increase their buying activity during bull markets and reduce it during bearish phases.

Bitcoin’s current price sits at $69,065, adding 0.24% over the last 24 hours and 3.58% over the week. Notably, the amount of money invested by whales in Bitcoin has more than doubled from $57 billion to $122 billion since the beginning of the year, based on the observed “realised cap” of whale coins. The realised cap considers the total value of coins owned by whales at the time of purchase, instead of their current market value.