Bitcoin: Whales are back buying!
Bitcoin has dropped 25% from its $109,000 peak. Whales are now buying again. Glassnode reports this is their first buying since August 2024. These large investors often lead the market. Their return could change the current negative outlook. It might make investors focus on current prices.
Most traders are cautious, but whales are shifting. Glassnode says they are accumulating again. This last happened in August 2024. Back then, Bitcoin traded between $50,000 and $60,000.
Bitcoin's recent drop is significant. It fell from over $109,000 to about $83,500.
Whales often buy when prices are low. They sell when prices are high. This timing seems important.
The data shows a few key things. Whales last bought in August 2024. This was when Bitcoin was between $50,000 and $60,000. Their buying is happening during a price decline. Whales often act against the market. They buy in correction phases. This suggests they have a long-term view.
This buying could mean a rebound is coming. However, it needs support from other investors to change the trend. Currently, the market is still mostly selling.
The overall market shows a low Accumulation Trend Score of 0.15. This means most investors are still selling. Glassnode notes that despite whale activity, the market is still selling.
This score tracks different investors over 15 days. It ranges from 0 (selling) to 1 (buying). The current score shows widespread selling. Whales are the exception.
The difference between whales and other investors shows disagreement. Unlike times when everyone buys together, the market is divided now.
This makes it harder to read the market. Selling pressure remains, which could push prices lower.
Whales buying could signal a future reversal. This is only if others follow. The lack of support from other investors risks further price drops. If selling continues, Bitcoin could test lower levels before finding a bottom.