The Road To $100,000: Bitcoin Whale Accumulation Explodes

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	28,572,338,029	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

28,572,338,029

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0057	1.10%	0.5232	0.5232	0.5233

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0057

1.10%

0.5232

0.5233

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5242	0.5172	0.5176	0.5175	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5242

0.5172

0.5176

0.5175

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:19:55	148.67	0.5232	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:19:55

148.67

0.5232

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,820,790.52	5,419,467.79	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,820,790.52

5,419,467.79

The Road To $100,000: Bitcoin Whale Accumulation Explodes

27/03/2024 2:00pm

NEWSBTC

Bitcoin reaching $100,000 remains a highly feasible target, especially given the fact that the price of the cryptocurrency hit a new all-time high above $73,00 ahead of the halving. In preparation of the explosive move that is expected to follow the halving, Bitcoin whales are going all out as they fill up their wallets with BTC. Large Bitcoin Whales Buy More BTC As the Bitcoin price has retraced from its surge, large Bitcoin whales are taking advantage of the dip to buy more coins at cheap prices. These whales, which hold at least 1,000 BTC – which means they have $70 million on the low end, have bought up a large tranche of coins over the last three months. Related Reading: Crypto Analyst Predicts XRP Price Will Rally 800% To $6, Here’s When Since January, there has been a steady climb in the number of wallets that hold at least 1,000 as interest continues to grow. A lot of this interest is driven by institutional investors who are putting billions of dollars into Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, it has seen these institutions buy up a good chunk of the supply. The number of addresses holding at least 1,000 BTC was sitting at less than 1,500 at the beginning of the year. However, by March, with institutions ramping up their buys, this number has climbed to 1,617. This is an 8% increase in the number of these large whales in the last three months. Source: Glassnode To put this increase in perspective, the last time that there were these many whales holding this much BTC was back in 2021 at the peak of the bull market. So, if this number is rising once again, it means that these large investors are expecting the price to rise, and as a result, are trying to maximize their profits. Spot ETF Inflows See 2,600% Spike After a week of consistent outflows, inflows into the Spot Bitcoin ETFs are starting to ramp up once again. For the first day of the week, inflows climbed to $14.5 million, bringing a welcome change from the almost $900 million worth of outflows that was recorded in the prior week. This change in the tide seems to have brought renewed interest for investors as Tuesday saw a whopping 2,600% increase in inflows. In total, there $418 million recorded going into Spot BTC ETFs on Tuesday, one of the highest inflow days since the ETFs were approved. Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand This change in direction is also evident in the Bitcoin price, which has recovered from last week’s low of $60,000. The price has since sprung back up above $70,000, with a 10% increase in the last week. This also validates the whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings in profit. Now, as seen in the past, a return of high inflows into the Spot ETFs has always been bullish for the price. So, if the inflows were to continue throughout this week, then the price of Bitcoin could register a brand new all-time high ahead of the halving. BTC bulls push price toward $72,000 | Source: BTCUSD on Tradingview.com Featured image from India Today, chart from Tradingview.com

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