Bitcoin has reached a significant milestone. After weeks of uncertainty and struggling with lower values, today it surprised everyone by breaking the $45,000 barrier. At the heart of this phenomenon lies not only the complexity of the digital market but also specific data that shed light on the reasons for this sudden change.
In the world of finance, where volatility is commonplace, Bitcoin has once again drawn attention by exceeding the psychological barrier of $45,000. This increase is not a matter of chance, but the result of a complex market play, where on-chain data plays a crucial role.
One of the significant factors that can shed light on current phenomena is the activity of so-called Bitcoin whales – investors holding significant amounts of this cryptocurrency, often with more than 1000 BTC in their portfolios. Their market actions have a significant impact on Bitcoin’s price, and recent data indicate their intense accumulation of the currency.
Analysis from Santiment, a company specializing in cryptocurrency market analysis, shows that whales have significantly increased their stakes in Bitcoin’s total supply recently. This group of investors, controlling over 40% of the supply of this cryptocurrency, could be one of the driving forces behind the current price increase.
Interestingly, while most of the market reacted nervously to the introduction of Bitcoin ETFs, whales took advantage of these moments of uncertainty to buy more currency at a lower price. Such a move may indicate their belief in Bitcoin’s further growth potential.
However, although the activity of whales is an important piece of the puzzle, it is not the only factor influencing Bitcoin’s price. It is worth noting that the cryptocurrency market is extremely dynamic and susceptible to various external factors, such as legal regulations, changes in economic policy, or even global events.
In the context of the current situation, the question remains whether whales will continue their actions in favor of Bitcoin or decide to realize profits from this sudden appreciation. The answer to this question could be crucial for the future of this most popular cryptocurrency.
Photo by Michael Förtsch on Unsplash
