According to Santiment, a crypto market data aggregator, approximately 90,000 Bitcoins have been accumulated by Bitcoin whales in the last 25 days.
Bitcoin whales refer to Bitcoin holders (BTC) with a value of more than 100 to 10K. During intraday trading, Bitcoin was trading at $39,208.60. Therefore, to be a Bitcoin whale, its value at the current price is at least US$3,920,860. The total amount of Bitcoin held by these “million level” addresses represented 48.7% of the Bitcoin supply.
Data show that Bitcoin whales have accumulated a large number of Bitcoin positions above 9.11 million BTC, worth $366.89 billion to date, setting a high point in 7 weeks.
Also, the Bitcoin miner output volume hit a monthly low of 47,163 BTC, indicating that miners can still accumulate coins before getting a better price to sell, recognized by metrics provider Glassnode.
Bitcoin is currently facing a headwind against strong selling pressure near the 200-Exponential Moving Average (200-EMA) level of around $40,876 and has not reversed this important level without any steady signal yet, turning that pressure into a support level.
The 200-day EMA is a critical indicator used for long-term trends. For example, when the price of Bitcoin crosses its 200-day moving average, it is a technical signal that a reversal has occurred – meaning it will start a new bullish round.
However, increasing bitcoin giant whale holdings and miners are holding their tokens in anticipation of higher prices, proving that they are currently actively accumulating tokens and a positive attitude towards market prospects.