Bitcoin whale accumulation mirrors 2020 trend where BTC rallied 550%
New and old Bitcoin whale wallets have been gobbling up BTC, mirroring a 2020 trend that saw the asset rally by 550%.
With Bitcoin (BTC) price making a run at the $70,000 level, whale wallets are accumulating BTC at a speed which closely resembles July 2020 to January 2021 when Bitcoin rallied by 550%.
According to Woominkyu, a verified author on CryptoQuant, this historical trend has investors excited about a potential BTC breakout. As illustrated in the chart below, the Bitcoin whale ratio on spot exchanges is currently similar to the ratio observed around July 2020 after the COVID-induced crash in March.
Bitcoin exchange whale ratio chart. Source: CryptoQuant
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Author: Biraajmaan Tamuly
