• Bitcoin whales have intensified their accumulation of the cryptocurrency for the past eight weeks, leading to a 26% growth in its price.
• Open Interest and Funding Rates revealed that investors harbored bullish sentiments.
• The count of BTC whales holding 100 – 1,000 BTCs rallied by over 3% in the last two months.
Bitcoin has seen a remarkable surge in its price in the last two weeks due to increased accumulation of the cryptocurrency by whales. Data from on-chain data provider Santiment indicated that the price of Bitcoin has grown by an impressive 26% since the start of the new trading year. This bullish momentum has been fuelled by the intensification of activity among whales, who have been accumulating Bitcoin in large amounts.
The count of BTC whales holding 100 to 1,000 BTCs has seen a 3% increase in the last two months, reaching 14,110 whale addresses. This increased demand for Bitcoin among whales is seen as a positive sign for the cryptocurrency, as it is often seen as a sign of a coming price rally. This sentiment has been further bolstered by the Bitcoin’s Open Interest, which has seen a steep 13% rise since 1 January 2023. Open interest refers to the number of outstanding contracts or positions that have not yet been settled. When open interest increases, it is often seen as a sign of increasing demand for the asset, which can result in a price rally.
In addition, funding rates on the Bitcoin network since 2023 have been consistently positive, as per data from CryptoQuant. The positive funding rates suggest that investors are more willing to hold onto long positions in Bitcoin, indicating that they expect the price to continue to rise.
All in all, the increased whale activity since the start of 2023 has been a major factor in driving up the price of Bitcoin. Increased demand from whales, coupled with positive indicators such as Open Interest and Funding Rates, has led to a surge in Bitcoin’s price. Investors have responded to these signals with bullish sentiment, leading to further price appreciation.