BTC has experienced a strong upswing reaching a new ATH above $99k and is just about to set a milestone with hitting $100k. With a new ATH of $99,400, BTC is not only resulting in higher profitability for existing holders but also attracting new holders as they fear missing out (FOMO).
When Whales have been accumulating BTC at a record pace including Financial giants such as Blackrock, Fidelity, MicroStrategy and more. When whales accumulate, it signals their confidence in the market and anticipates further price appreciation. As such, a whale has accumulated nearly 3.6k BTCs worth $350M over the past four days.
Also, Bitcoin’s Number of Large Transactions has surged to hit a weekly high of 32.5k. This shows that large holders are actively involved in this rally and are central to the recent price upsurge. When this increases, it shows that long position holders are in profit and anticipate price gains.
As of now, at the time of writing, BTC is trading around $98,950 and has seen a weekly jump of over 12% in its price and has a market capitalization of $1.96 Trillion.