While BeInCrypto has already reported on the accumulation of BTC whales in recent weeks, they continue their accumulation movement, just like other Bitcoin holders.
Whale Accumulation Expands To Other BTC Holders
Overall, taking a long-term view, Bitcoin whales still see attractive buying opportunities as Bitcoin is still trading in ideal price areas for accumulation ($23,400).
While this accumulation strategy has intensified since the June lows, the momentum appears to continue as BTC whales continue to buy. Other incumbents seem to be joining the movement fromthere are now more than 15,8000 addresses containing between 100 and 10,000 BTC tokens. A new record from the June lows, and showing a similar strategy within different groups of incumbents with a clear will to accumulate.
Two main reasons can lead to this accumulation of tokens: on the one hand, some holders are convinced that the upward movement can still continue, especially with the approach of The Merge of Ethereum, which pushes the market higher these last few weeks.
The second reason that also seems more logical is that current Bitcoin prices remain very attractive, given that the asset is trading at levels far removed from its November 2021 ATH ($69,000). Therefore, a purchase price of around $23,500 is an opportunity that some holders are not willing to pass up.
A Bitcoin always at a good price
For Jurrien Timmer, CEO of Fidelity, BTC can still be acquired at a low purchase priceif we compare the price of the digital asset with the adoption curve of BTC.
In fact, while the BTC network has continued to gradually grow, Timmer explains that Bitcoin’s price-to-network ratio has returned to 2014 levels, to its true value.
“For me, the main nuance is the slope of the adoption curve. Whether we use the mobile adoption curve or the Internet adoption curve, the price of Bitcoin is below its actual and projected network growth curve. This curve provides a fundamental anchor for the price of Bitcoin.”
Jurrien Timmer Fidelity.
The movements of the large Bitcoin holders, as well as the statements of Fidelity, are positioning themselves in favor of the accumulation and a gradual recovery in the price of Bitcoin. With that being said recently, some analysts are calling for lower prices for BTC and drawing a gloomy short-term outlook.
The movements around the news of The Merge of Ethereum have been bullish, but this movement could well be reversed when the exit of the merger with the end of the “hype” linked to this transition, and the multiplication of the exits of certain institutions, which have exceeded the entries in recent days.
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