Bitcoin Whales Hoarding $12 Billion

[Bitcoin (BTC) whales are hoarding $12 billion]According to data from Santiment, addresses holding between 1,000 and 10,000 Bitcoin (BTC) have played a key role in driving the price of Bitcoin higher. Although the market consensus is that Bitcoin's climb to $52,000 was primarily driven by institutional demand, these so-called whales accumulated $12.85 billion worth of Bitcoin in 2024, demonstrating their level of activity. In contrast, those holding 100 to 1,000 Bitcoins reduced their holdings by $7.89 billion during the same period.It is worth noting that these accumulation activities are not coming only from institutional investors. Santiment also observed that the number of transactions over $100,000 hit a new high since June 2022. This suggests that if whales continue to accumulate Bitcoin and ETF demand increases at the same time, the price of Bitcoin is expected to exceed $52,000 and possibly even reach $55,000.However, contrary to the positive behavior of whales, participation from retail investors has been relatively low and the number of new Bitcoin addresses has declined. Currently, Bitcoin is encountering resistance near $52,000, indicating some selling pressure at this level. However, the market has yet to see massive profit-taking.Bitcoin’s Relative Strength Index (RSI) retreated from overbought levels to 59.68, indicating waning buyer momentum. If the RSI continues to decline, Bitcoin price could fall back below $51,000. However, if Bitcoin can sustain near $52,000, a breakout of this resistance is possible. Currently, the Chaikin Money Flow (CMF) indicator shows that the market accumulation rate is slowing down, suggesting that Bitcoin may not see significant price gains in the short term.

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