Bitcoin whales have been accumulating large amounts of BTC as the price of the king coin continues to rise, sparking optimism among traders. One whale in particular accumulated 113,735 BTC, valued at $7.85 million, from Binance, bringing their total holdings to 1,308 BTC worth $89.75 million since March 6. This increased confidence from large investors has the potential to attract more buyers and drive up the price of BTC, but it also comes with risks as whale activity can cause sharp declines if they decide to sell their holdings.
While whales have been accumulating BTC at a faster rate, retail investors have been showing less interest, leading to a decrease in the concentration of addresses containing between 0.001 and 1.0 BTC. This trend could potentially lead to a more centralized holding of BTC, making retail investors more vulnerable to whale behavior.
Aside from investor behavior, activity on the Bitcoin network has remained high, with growing popularity of NFTs contributing to increased activity. Traders also remain bullish on BTC, as indicated by a decrease in the Put to Call ratio and a large number of call options taken by bulls expecting the price of BTC to rise further.
Overall, the growing interest from whales and traders, coupled with high network activity, point towards a positive outlook for Bitcoin in the near future.