#bitcoinwhales make strong comeback

Bitcoin Whales Make a Comeback, Driving the BTC Price Surge, According to On-Chain Data.

Data from Glassnode indicates a notable increase in accumulation among entities that possess more than 10,000 BTC.

Key Insights: 

Glassnode reports a notable increase in accumulation by entities with over 10,000 BTC.

 Additionally, Crypto Quant reveals the largest BTC outflow from exchanges in the past two years, suggesting a trend towards long-term holding.

Bitcoin's price has bounced back to $94,000 after dipping below $75,000 earlier this month. This increase is driven by crypto whales—large investors with significant resources—who are purchasing coins from the market, a move that seems to validate the upward trend.

The heightened interest from these whales is highlighted by Glassnode's unique Accumulation Trend Score, which measures the activity of entities acquiring new coins on the blockchain. A score of 1 indicates that, overall, these entities are in accumulation mode, while a score near zero would imply the opposite.

As of Thursday, wallets containing more than 10,000 BTC achieved an accumulation score of 0.90, while those with between 1,000 and 10,000 BTC scored 0.7. Meanwhile, smaller wallets are shifting towards accumulation, reflected in a trend score of 0.5.

According to Glassnode on X, major investors have been capitalizing on this upward trend.

Recent data from CryptoQuant indicates that there has been the largest outflow of BTC from centralized exchanges in two years, based on the 100-day moving average. 

CryptoQuant analysts noted, 'An examination of past trends suggests this may indicate that investors are re-accumulating their assets.' Such outflows are interpreted as a preference among investors for holding their coins directly, reflecting a long-term investment strategy.