Bitcoin Surge: Possibility of Long-Term Accumulation by a Few Whales

Recent surges in Bitcoin prices may have originated from long-term accumulation by a small number of large investors. On-chain data analysis has revealed an unusual buying pattern that differs from past market lows over a 17-year record. On-chain analyst Willy Woo noted that Bitcoin has been slowly accumulated at the lows, suggesting the involvement of a single whale. According to the Bitcoin HODL Wave indicator, the holding amount over the recent 7 to 30 days surged from about 3% to 10%, while there was no significant spike in the 1 to 7 days holding amount. This indicates that rather than a rush of investors at a specific point in time, someone may have been purchasing Bitcoin at a steady pace. Woo suggested that the recent rise in Bitcoin could be attributed to long-term accumulation by a few whales or institutions, mentioning the possibility that large investors dispersed their orders to absorb the volume. However, this data alone cannot definitively conclude the purchases of a specific whale, and there is also the possibility that changes in market structure have created on-chain patterns that differ from the past.

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