• Bitcoin [BTC] whales have intensified their accumulation over the past eight weeks, leading to a 26% growth in its price.
• Open Interest and Funding Rates revealed that investors harbored bullish sentiments.
• The count of BTC whales holding 100 – 1,000 BTCs rallied by over 3% in the last two months.
In the past two months, Bitcoin [BTC] whales have been intensifying their accumulation, leading to a 26% growth in its price. The king coin’s Open Interest has grown by 13% since 1 January 2023 and funding rates on the BTC network since 2023 have been positive, according to data from CryptoQuant. All these developments have revealed that investors are harboring bullish sentiments.
The activity of whales plays an important role in the price of an asset and their intensified accumulation of Bitcoin [BTC] is seen as a positive sign. The count of BTC whales holding 100 – 1,000 BTCs rallied by over 3% in the last two months, according to the on-chain data provider. This growth suggests that more investors are entering into trading positions on the asset, which could lead to a price rally.
The Open Interest of Bitcoin [BTC] has also been rallying since the year started. Open interest refers to the number of outstanding contracts, or positions, that have not yet been settled. An increase in open interest suggested that more traders and investors were entering trading positions on the asset. This is often regarded as a sign of increased demand for the asset, which precedes a price rally.
Likewise, funding rates on the BTC network since 2023 have been positive, data from CryptoQuant showed. Funding rates are the charges that traders pay to maintain their positions in the market. When funding rates are positive, it implies that long positions are dominating the market. This could have a positive effect on the price of Bitcoin [BTC], as more traders are willing to take long positions.
Overall, the recent activities of Bitcoin [BTC] whales have created a positive sentiment among investors, which could lead to a further rally in its prices. The king coin has already seen a 26% growth in its price and if the current bullish sentiment continues, it could continue its upward trend.