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Bitcoin whale accumulation mirrors 2020 trend where BTC rallied 550% 

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Bitcoin whale accumulation mirrors 2020 trend where BTC rallied 550% 
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Bitcoin whale accumulation mirrors 2020 trend where BTC rallied 550% 

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Source: Coin Telegraph

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

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