Are Bitcoin BTC Whales Accumulation Precipitating Bitcoin Price Surge?

Bitcoin BTC Whales is precipitating a surge in BTC values. Combine this with the smiling US equity markets, BTC values have surged by 25% in one week. However experts are cautioning and checking if the surge is organic or a flash in the pan.  

Bitcoin BTC Whales Hyperactive In Large Numbers

As per IT Tech which keeps a tab on Bitcoin balance distribution addresses checked if there was Bitcoin BTC Whales hoarding or a rebalancing act by the exchanges of the wallets have come upon an interesting observation. It was revealed that the number of addresses from 1k to 10k has decreased the amount of BTCs while addresses holding 10K+ increased amounts of Bitcoin.

🧵1/4 #Bitcoin Balance Distribution-Addresses

1. Number of addresses from 1k-10k – decreased amount of $BTC
2. N umber of addresses 10k+ increased amount of $BTC
Have the whales bought? or that was wallet rebalancing by exchanges? pic.twitter.com/RiDhRatlmT

— IT Tech (@IT_Tech_PL) July 20, 2022

The report revealed that in between 11.07.2022 to 20.07.2022, number of addresses from 1k to 10k holding BTC have gone down while at the same time 10k holders have increased from 94 to 98. It was also revealed that 4 of 8 addresses still have values over 10k+. In the meantime, those addresses are from exchanges.

People may suppose that Bitcoin BTC Whales are accumulating more. However, these are not whale addresses and investors must not be swayed by the moon narration running on social media.

The correct answer to the BTC value surge is linked to other factors. The recent smiling of the US equity market has led to the present surge. The crypto sector is intricately linked to the Equity market and the recent positive sentiments have also rubbed on the optimism to the crypto sector.

The Bitcoin (BTC) price has surged with the price currently trading at $24,173.82 up 5.69% in a day. It market cap stands at $461,828,887,677. It market volume was $50,787,954,642 and BTC had a circulating value of 19,098,518.00 BTC constituting 91% of the supply.