Bitcoin whale trader turns bullish, amasses $175 million worth of BTC in May
A Bitcoin whale trader has displayed a bullish outlook in May by accumulating a substantial amount of Bitcoin. The wallet associated with this trader has seen its balance rise from almost $20 million to $175 million this month, with a holding of over 2,600 BTC.
This particular whale’s address suggests that it may belong to a cryptocurrency trader, given its high buying and selling activity. Historical data reveals that the address has received a total of 150,435 BTC and has spent 147,831 BTC, indicating consistent trading activity since 2018.
Interestingly, the trader sold over 2,800 Bitcoin from March to April, resulting in a remaining bearish balance of 287 BTC. However, beginning on May 3, the trader has gradually started stacking coins, with the most significant accumulation occurring in the past 24 hours.
Since May 18, the trader has bought 1,590 BTC, adding to their already increasing balance of 1,014 BTC by May 17. Prior to May, the 287 BTC balance was valued at less than $20 million, but it has now grown to nearly $175 million.
This whale trader’s activity aligns with overall Bitcoin whale behavior, which has indicated a bullish price trend for BTC over the past year. Data from Santiment’s SanBase Pro shows that Bitcoin addresses holding between 1,000 and 10,000 BTC have aggressively accumulated nearly 5 million coins. Notably, this accumulation started happening a few months before Bitcoin reached new all-time highs, suggesting that whales were accumulating while retail investors were selling.
In conclusion, this recent bullish activity by the Bitcoin whale trader could signify positive momentum for the leading cryptocurrency. Given the trader’s track record of making successful trading decisions and their substantial accumulation of $175 million worth of BTC, it is possible that BTC could surpass $72,000 and continue to rise. However, it is important to note that investment decisions should not be solely based on this information and that investing in cryptocurrencies carries risks.