April 25, 2024

Whale Activities Around Bitcoin Sends Bullish Signs

DeVere Group CEO, Nigel Green, recently shared his opinion on the activity of Bitcoin whale in the cryptocurrency market. Green said their latest round of purchases of the top crypto asset is giving him a bullish feeling about Bitcoin. DeVere Group, which he heads, is a giant in the financial advisory space.

An Analyst’s Perspective

In Green’s opinion, one of the factors that form his bullish outlook is the fact that whales might be getting ready to stage a big comeback to the market following a period of sell-off. In his words, Green said he is “whale-watching.”

Whales are big investors who have huge crypto holdings. They hold enough assets to potentially change the value of the currency.

It was noticed in the past few weeks that whales were selling off some of their Bitcoin assets. It generated the resonant effect of pushing down the price of Bitcoin in the market because other categories of holders got spooked into a panic mode and also sold off their holdings. This strategy would place those whales in a position where they are able to buy back most of those Bitcoin tokens at far cheaper rates later on.

Increased Number of Whale Accounts

Green said he suspects that the whales at the forefront of the recent movement are planning to make a new move. For him, would purchase huge numbers of Bitcoin and increase their holdings in the weeks ahead.

The CEO of deVere Group also said that there has been an increase in the number of Bitcoin whale addresses in the course of the last four weeks. Green put the figure of whale digital accounts that hold the minimum of 10,000 BTC to as high as 100,000 BTC to have increased by 103 within the last four weeks.

Furthermore, Green said that Bitcoin and some other top digital assets are selling at a beat-down price and they have the potential of increasing rapidly. In spite of the turbulence the market has gone through, Green said he believes that all major digital assets have an upward. This is the reason he sees the present price dip as nothing other than a discount.

Bitcoin trades at $21,300 as of the time of this writing, increasing by about 10% within the last 24 hours. 

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