In the cryptocurrency industry, the activity of large holders of bitcoin regularly attracts the attention of numerous analysts and investors. According to the latest data from CryptoQuant, whale accumulations have reached an all-time high of 670k $BTC
in 2024, indicating significant confidence in Bitcoin's long-term growth prospects. This data is particularly important in the context of expectations around the digital coin's price movements against the backdrop of political events such as the US presidential election.
The chart provided by CryptoQuant shows that when the annual change in bitcoin volumes at Whale Wallets moves into positive territory, the cryptocurrency's value stabilizes or even corrects slightly. Such periods usually indicate that the market is going through an accumulation phase before a possible price surge. At the moment, the situation is in just such a phase, which can be characterized as “the calm before the storm”.
Interestingly, the growth of the whales' accumulations may indicate not only their confidence in the future growth of bitcoin, but also their readiness for possible volatile events. According to some experts, only after the whales start to gradually reduce their stockpiles, we can expect a rapid rise in the price of #BTC☀ .
Another important detail becomes that if the current accumulation levels persist until the end of November 2024, especially in the period after the US elections, it could be a signal for the continuation of the current bull market. Otherwise, analysts warn, the lack of updating the maximum price levels will signal possible problems in the current cycle, leading to a correction or even a prolonged decline. Thus, the next few months will be crucial for the further movement of BTC quotes, and the whales' actions will be one of the key indicators for all market participants.
