64,000 BTC Added by Bitcoin Whales to Holdings as Price Seeks to Regain $30K
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According to the chain analysis firm SentimentBitcoin whales have been quietly accumulating again since profit-taking occurred above $30,000 on April 11th.
It should be recalled that Bitcoin price found resistance on its way higher, retreating from highs near $31,050 on April 14th back to a low of $26,965 on April 24th.
In terms of price development, the start of 2023 has been historically good. There have been very few notable corrections along the way, with the largest being -18.6%.
Santiment notes that since mid-April, when prices faltered and fell a bit, addresses holding 100 to 10,000 BTC have collectively added 64,094 coins back to their bags. Whales or large owners are often known to accumulate at a discount during periods of decline or consolidation.
Glassnode also observed that Bitcoin HODLers have returned to the prevailing accumulation regime after a short period of aggressive distribution in the depths of the bear market.
At the time of writing, Bitcoin was trading above $29,000. The leading asset was marginally up in the past 24 hours to $29,301. Bitcoin fell after hitting highs of $30,050 on Wednesday.
At the moment, Bitcoin’s move to regain the $30,000 mark has yet to bear fruit, as it is currently trading in the $28,000 to $29,900 range.
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The financial market crisis is deepening, as US officials are coordinating urgent talks to save First Republic Bank, according to Reuters, as private sector efforts led by the bank’s advisers have yet to reach an agreement.
First Republic became the epicenter of the US regional banking crisis in March after wealthy customers began withdrawing deposits, sending the bank reeling.
Economist and gold bug Peter Schiff predicts an impending crisis, saying the real crisis will be the US dollar. He predicts that the next leg up in inflation will force interest rates higher as the economy sinks into recession.
For Bitcoin, Glassnode observes that the market appears less decisive than it has been in the first quarter of the year, noting that accumulation and distribution behavior across multiple wallet cohorts remains mixed at the moment.
