Although Bitcoin is still struggling amid sustained crypto market volatility, it appears that whale sentiment is flipping bullish as sell pressure from large holders drops significantly.
According to the latest data provided by crypto analytics platform CryptoQuant, Bitcoin whales are rapidly accumulating Bitcoin as their 1-Year Change in Whale Holdings indicator moves near the positive zone.
Bitcoin whales spend over $20 billion in recent purchases
The data shows that large Bitcoin holders, also known as whales, have accumulated about 243,000 BTC in less than three months.
Notably, this marks a major reversal in their market activity after selling pressure eased in July, as whales have begun to expand their holdings once again.
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Following the bullish reversal in Bitcoin whale activity, further data shows that the 1-Year Change in Whale Holdings indicator is drawing near positive territory.
As such, this means that large Bitcoin holders are steadily boosting their Bitcoin holdings after a prolonged period of distribution.
Are whales preparing for a bull run?
The unexpected shift in whale activity, even as the broader crypto market is still facing extended volatility, has sparked confidence among investors.
The data shows that even though Bitcoin’s 1-Year Change in Whale Holdings indicator still remains negative at around -39,000 BTC, the metric has recovered significantly, having moved closer to zero from its previous level of -282,000 BTC.
Once it is able to move above zero, it will mean that whale holdings have increased on a net basis over the preceding year, driving more bullish momentum across the Bitcoin ecosystem.
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