The fundamental performance of Bitcoin has been increasing over the past week. This happened against the backdrop of a steady restoration of the BTC rate to the 7000th range.
Major players in the emerging cryptocurrency market, also called whales, also have an impact on the fundamental strength of the BTC ecosystem. According to recent statistics, whales are actively accumulating Bitcoins after the incredible collapse of the cryptocurrency in mid-March.
Whales are actively accumulating Bitcoin: blockchain statistics confirm this!
The combination of these factors indicates the fundamental value of Bitcoin, which in the medium and long term will affect the price dynamics of the asset.
BTC blockchain activity grows as the exchange rate recovers
According to the most recent weekly report by Glassnode, last week, Bitcoin’s fundamentals strengthened significantly, as evidenced by statistics on transaction volume and the number of active participants.
According to Glassnode, over the past 7 days, transaction volume has grown by 23%:
BTC blockchain statistics, Glassnode data
The increase in transaction volume occurred in parallel with the recovery of the leading cryptocurrency, which grew from lows of about $ 6,700 to highs of about $ 7,500. In the middle of the 7000th range, sellers showed increased activity, pushing the price of BTC below $ 7000.
Despite the fact that the market value of the leading cryptocurrency has decreased compared to the level of the beginning of the year, the volume of transactions since January 1 has increased by 38%, and the number of active participants in the network - by 21%. This indicates a large-scale increase in the level of interest in decentralized network services.
BTC whales are actively accumulating cryptocurrency
A partial increase in the volume of transactions in the BTC blockchain, observed last week, may be due to the active accumulation of cryptocurrency by whales. Moreover, according to Glassnode, the growth in the number of wallets with a balance of more than 1000 BTC significantly accelerated even after the Bitcoin dump on March 12:
The number of whales (that is, participants with at least 1000 BTC) began to increase before the market crash last month, this growth accelerated during and after the crash. This suggests that major market players accumulate BTC, which is an optimistic sign.
The increase in the number of whales in the BTC market
It is important to note that the whales have not accumulated Bitcoins so actively since the beginning of 2016. It is noteworthy that it was in that year that the reduction of remuneration for mining also took place.
Representatives of Glassnode concluded that whales expect a bullish BTC rally to begin in the near future. The catalyst for the upward trend may be a decrease in inflation after halving:
This trend implies that, despite the uncertain market environment, the whales are still confident that now is the right time to accumulate BTC. It is assumed that they are confident in further growth.
