Bitcoin Whales Hold the Largest Accumulation in 27 Months

Bitcoin Whales

Bitcoin, the largest cryptocurrency of all time, has continued to grow and increase in value and especially since the start of this month. According to reports from the press, Bitcoin has risen by 9.51% and is currently trading at $54,386 with the current prices hinting towards the beginning of a bull run.

According to reports shared by Lark Davis, a crypto analyst, the next barrier for Bitcoin was set at $51,000 levels. Breaking this level would confirm an uptrend, therefore, triggering the next Bull run. Having already hit $51,273, investors are waiting for confirmation whether the Bull run will happen or not.

Recently, there has been heavy accumulation going around Bitcoin whales. Reports from the on-chain provider state that Bitcoin millionaire-tier whale addresses have accumulated massively over the last 27 months. This accumulation is probably the largest since July 2019.

Following the reports from on-chain data providers, whale addresses holding 100 to 10,000 $BTC accumulated 70k $BTC in the last ten days. This accumulation stands as the largest for Bitcoin’s whale traders for the last 27 months. 

Bitcoin Holders (Whales) Under an Accumulation Spree

After the holding supply got to the lowest in March this year, long-term Bitcoin holders have decided to enter a holding spree. As per reports from Glassnode, the holders managed to accumulate 13x more Bitcoin than the value mined over the last seven months.

Glassnode notes that the long-term holders accumulated 2.35M $BTC after their stack bottomed out. During the same period of accumulation, investors only mined only 180k $BTC.

This accumulation pattern is impressive, and it points towards the next Bull Run. Bitcoin analysts are predicting that BTC will get to $100K by the end of 2021. At the same time, everyone is hoping and waiting for a Bitcoin ETF approval by the end of the year.

Previous Bull Runs

By going back to previous bull runs, you will realize that the price of Bitcoin has risen and followed an upward trend. After the first one in 2012, the prices increased from $11 to $12. Twelve months after this rise, prices increased to $1,075.

The following Bull Run in 2016 broke the record and remains notable in Bitcoin history because prices rose from $576 to $650. After a year of steady growth, Bitcoin broke the first record with a price of $17,000.

In 2018, the prices went down when Bitcoin experienced low volatility but steadily stabilized in 2019 and hit $10,000 in June of 2019.

The predictions of the next Bull Run are more optimistic because there has been tremendous growth in the crypto market.