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Bitcoin - Mysterious Whale Buys Without Limit for a Month

Thu 30 Nov 2023 ▪ 3 min of reading ▪ by Nicolas T.
Getting informed Invest

A mysterious “whale” has been buying bitcoins relentlessly since the beginning of the month. It’s an unmistakable sign.

Bitcoin whale

The song of the whales?

The “whale” has once again purchased 859 BTC this Wednesday, after acquiring 539 BTC the day before and 1,178 BTC the day before that. This buying spree has been ongoing since the beginning of November.

The address bc1… srq64 now holds more than 11,260 BTC, which is equivalent to 426 million dollars. It is the seventy-third richest address in the world:

The fact that whales are resurfacing is also a very good sign. They always show up during bull runs. The data from Glassnode on this subject is very telling.

The following chart reflects the quantities of BTC held in all bitcoin addresses over time. The first band represents addresses with over 10,000 BTC (whales). The second shows addresses holding between 1,000 and 10,000 BTC, and so on.

The more the band shifts towards blue, the more those addresses are accumulating bitcoins. The more it shifts towards red, the more those addresses are shedding them.

There has been unanimity since October. All addresses are accumulating bitcoins, which strongly suggests that the market sentiment has indeed turned:

Bitcoin: accumulation trend score
Source: Glassnode

Currently, more than 16.3 million BTC are in the green (BTC traded at a price lower than the current price), which amounts to 83.6% of the circulating supply. In other words, only 16% of BTC is in the red.

From a statistical standpoint, these percentages are historically significant. The figure of 83.6% is markedly higher than the historical average value of 74%. This is generally indicative of an impending bull run.

The price of bitcoin continues to rise and is approaching the psychological threshold of $40,000. A breakout could result in a new wave of popular enthusiasm on the back of FOMO.

According to Standard Chartered Bank, $100,000 is in sight!

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Nicolas T. avatar
Nicolas T.

Bitcoin, geopolitical, economic and energy journalist.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.