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Crypto Market Whales ‘Aggressively’ Buy BTC In Bullish Signal

Bitcoin

remains in a period of consolidation at the start of the week, with the price staying within the $33,000 to $36,000 range since the beginning of July.

The dropped in value by around 5 per cent overnight but remains above $34,000 on Monday morning.

Other leading cryptocurrencies, including Ethereum (ether), dogecoin, and Cardano (ada) have seen a similar stint of stability in recent days, though current trends suggest price gains could be on their way.

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The latest crypto market data from analytics firm Glassnode shows that there has been a significant uptick in so-called whale accounts, which is typically a bullish signal.

An increase in crypto whales – addresses holding more than 1,000 bitcoins – occurred in tandem with the record-breaking run that took to its all-time high above $64,000 in April.

Bitcoin ‘whales’ hit two-month high

The number of so-called “whales” – crypto holders with more than 1,000 bitcoins – has hit a two-month high, leading to speculation that significant price gains could be on their way.

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Data from market analytics firm Glassnode reveals that the number of whale entities rose by 80,000 to 4.126 million – just a few hundred thousand off the al-time high seen in February 2021.

The increase in crypto whales is typically seen as a bullish sign, as it shows that those with the most power over the market are currently accumulating bitcoins.

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“The latest uptick in the whale balance suggests the bottom may have been reached,” notes CoinDesk’s Omkar Godbole.

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