The king crypto Bitcoin has revealed by on-chain data indicates that the digital asset is still in a consolidation zone, the flagship crypto which is witnessing a decline in its market price has seen the activity of whales in the ecosystem.
The analyst blockchain firm which is keeping records of this activity says that certain whales have been able to buy in with over $2.32 billion of the king crypto asset bitcoin.
The last time in which we saw activities similar to this was earlier in the year when Bitcoin was down by 30%, sentiment in there says that; Bitcoin’s key large whale addresses tier has been on a steady accumulation run over the past five weeks, accumulating a combined 84,897 BTC during this time while prices are stagnant. In their previous accumulation cycle in January, prices jumped by +34.4%.
There are other signals that they are using too high a bullish sentiment which is the videos of crypto-related phrases which were trading online at the time this survey was taken. We still generally believe that we are off the bearish season regardless of the market decline in price.
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