Whales & Institutions Accumulating Bitcoin
Bull run incoming? Data showing whales and institutions are accumulating just might say so:
New Bitcoin bull run? Whales and institutions accumulating, data shows
According to CryptoQuant’s Ki Young Ju, fewer whales have been sending BTC to exchanges. Historically, the data indicates less selling pressure from high-net-worth Bitcoin holders.
Simultaneously, the daily volume of Bakkt’s institution-focused Bitcoin futures market achieved a record high. Operated by ICE, the parent company of the New York Stock Exchange (NYSE), Bakkt facilitates BTC trades for institutions.
The Bitcoin whale activity and Bakkt’s record volume suggest that both whales and institutions could be accumulating BTC.