Bitcoin whales accumulated more than 404,000 digital tokens in a month

Over the past 30 days, large cryptocurrency holders have accumulated 404,448 BTC, which is estimated at about $ 23 billion. This may indicate preparations for a new bull market, said Ki Young Ju, CEO of the CryptoQuant analytical platform.

Amid the increased volatility of the cryptocurrency market, the demand for bitcoin BTC $95,801.54 Bitcoin -1.87% Market capitalization $1.9 trillion VOL. 24 hours $1.54 billion has increased dramatically. For example, on August 5, 2024, the price of bitcoin fell below $ 50,000, but later recovered to $ 57,000. According to K33 Research, it was the most volatile day in the last 20 months.

At the time of writing, bitcoin is trading at $ 57,385 with a market capitalization of $ 1.13 billion.

Kee Young Ju also suggested that some organizations, large companies, and governments may announce investments in bitcoin as early as the third quarter of 2024. He also noted that the «surrender of miners» is nearing completion, and the hashrate(the total computing power of the cryptocurrency network or the number of hashes per second calculated by a mining device — ed.

Thus, despite the recent fluctuations in the flagship cryptocurrency and major digital assets, long-term holders of virtual coins do not create significant selling pressure, which increases the chances of further growth of bitcoin.