Despite a recent strong correction in the cryptocurrency market, Bitcoin (BTC) whales remain bullish on their favorite crypto asset, as demonstrated in their significant accumulation activity over the past two weeks, which shows no signs of slowing down.
Indeed, “46 new entities now hold 1,000 BTC or more, marking a 3% increase in just two weeks,” as per the recent data retrieved from the blockchain and crypto industry analytics platform Glassnode and shared in an X post by renowned crypto analyst Ali Martinez on January 24.
Indeed, according to the Glassnode chart shared by the crypto trading expert, the number of ‘whales’ or crypto wallets holding at least 1,000 BTC has continued to grow in the past weeks and has gone way past 1,500 from the earlier 1,480. At the same time, the price decreased, as per the chart patterns.
Picked for you
Meanwhile, machine learning algorithms remain bearish compared to Bitcoin whales, expecting that the price of the largest asset in the crypto sector by market capitalization would drop to the $35,000 area by February 1 despite the spot exchange-traded fund (ETF) approval, as Finbold reported on January 24.
Bitcoin price analysis
At press time, the flagship decentralized finance (DeFi) asset was changing hands at the price of $39,961, which suggests a decrease of 0.3% on the day, whereas it has lost 6.35% to its value across the past week and declined 5.66% on its monthly chart, as per data on January 25.
All things considered, the whales’ activity is a significant indicator of the optimism the market’s largest players have for the maiden digital asset, suggesting that they view the current price correction as nothing more than a temporary setback on its path toward new highs.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.