“Never in the history of Bitcoin have whales been buying BTC this aggressive,” Francois wrote.
This highlights that the current accumulation of Bitcoin by whales has surpassed records previously set on the market. Experts say this kind of purchase by these large holders signals renewed confidence in Bitcoin’s future price appreciation.
Notably, whales go on a “shopping spree” for an asset when there are indications of positive price movement or an advantage to gain. This could result from an expected positive event, such as the likelihood of the price hitting a new level.
Notably, many traditional investors are beginning to embrace digital assets through exchange-traded funds (ETFs), which have helped boost the number of whales on the market.
Since BTC whales usually have market insights beyond retail investors, some experts consider their accumulation strategic. Like chess players, it appears that Bitcoin whales are strategically accumulating the asset and might turbocharge the Uptober run in the push for a new Bitcoin ATH.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
