Bitcoin Whales Acquire Over 65,000 BTC in the Past 30 Days
Despite the recent market correction, Bitcoin whales have shown significant buying pressure by acquiring more than 65,000 BTC in the last 30 days. This sustained accumulation trend is a positive sign for the market.
On-Chain Data Indicates Steady Increase in Whale Holdings
- Whales, excluding miners and exchanges, have been steadily increasing their Bitcoin holdings since February, according to CryptoQuant community analyst Caueconomy.
- This accumulation pattern is similar to the sustained buying pressure observed between November and December.
- The continued absorption of Bitcoin by large entities suggests a consistent removal of supply from the market.
- Unlike sporadic accumulation phases, where buying is followed by distribution, this steady accumulation could lead to a longer-term bullish market structure.
Coinbase Premium and Market Sentiment
The Coinbase premium, which reflects the difference in BTC prices between Coinbase and other major exchanges, has been forming higher lows despite Bitcoin’s declining price channel. This indicates institutional demand in the US market.
Increasing Coinbase Premium Signals Interest from Larger Investors
- Despite Bitcoin testing lower levels within its downward price channel, the increasing Coinbase premium suggests continued interest from larger investors.
- The market sentiment remains uncertain, with conflicting signals making it challenging for investors to assess short-term price direction.
- Investors are cautioned against reactive trading decisions driven by short-term price movements, as the lack of clear trend confirmation complicates market analysis.
- The current market structure neither strongly indicates a bear market nor provides definitive bullish signals.
