Several traders of Bitcoin, be it small or rich, have already acquired the benchmark cryptocurrency in buckets when the price had been in a position between $30k and $40k. In a way, this signifies the confidence traders have in the long-term bullish setup of the asset.
The basis for such an optimistic outlook comes from Ecoinometrics, which is a newsletter service strictly crypto-focused. In the latest edition, the newsletter highlighted a flurry of on-chain data which could track the flow of BTC into wallets that were the property of the richest traders of the cryptocurrency. Such traders have traditionally been referred to as whales.
Nick, the lead author of the newsletter, mentioned that after a few weeks the data showed that most of the address buckets were accumulating more and more Bitcoin as the cryptocurrency kept bouncing from the level of $30k.
This led to him highlighting a heat map that displayed the cryptocurrency flowing towards the wallets of both rich and poor traders. He further mentioned that there is a possibility that he could do the same plot for even the current cycle- which would allow them to observe pretty much the same thing.
Bitcoin Whales Are Everywhere
The crypto markets also acquired data from other sources which closely replicated the analogy of Ecoinometrics. WhaleMap, a crypto-focused data tracking service reported that the number of transaction outputs which were unspent- that belonged to Bitcoin whale wallets- had spiked immensely. This suggests that the intention of big traders is to wait for the cryptocurrency to attain a far higher price.
The fundamentals that backed up the involvement of the whales in the current rally of Bitcoin did point towards fears of a persistently rising inflation even though Jerome Powell, the Chairman of the US Federal Reserve, went on to sideline the issue in his recent press conference.
