Bitcoin’s largest holders, known as sharks and whales, have been actively accumulating more BTC despite the recent sideways trading and stagnant price action.
According to on-chain analytics firm Santiment, these high-net-worth addresses holding 10 to 10,000 BTC have added a substantial 71,000 BTC to their portfolios in the past three weeks.
This accumulation, worth approximately $2.15 billion, indicates a strong bullish sentiment among Bitcoin’s major players.
Santiment Data Shows Whale Accumulation
Santiment’s data shows that the accumulation of 71,000 BTC by these large addresses demonstrates their continued confidence in the long-term prospects of the leading cryptocurrency.
The accumulation trend has persisted since June 17, highlighting the conviction of these investors even in the face of the current “boring” price range of $30k to $31k.
Glassnode Data Supports Bullish Sentiment
Glassnode, another prominent on-chain analytics firm, supports the notion of increasing bullish sentiment. Their data reveals a notable uptick in the share of Bitcoin supply held or traded by U.S. entities following the announcement of BlackRock’s Bitcoin ETF filing on June 15.
This development could potentially mark a significant shift in supply dominance if the trend continues, adding further weight to the positive sentiment surrounding Bitcoin.
Bitcoin Price Action Supported by ETF Filing
Bitcoin’s recent price action has been marked by a fresh yearly high of $31,525, triggered by the news of traditional financial giants seeking approval for spot exchange-traded funds (ETFs) based on the cryptocurrency.
BlackRock, one of the world’s largest asset management companies, filed paperwork with the SEC on June 16 for a Bitcoin spot ETF. This positive development, along with other factors, has fueled optimism in the market.
Bitcoin Price Range and Historical Performance
Bitcoin has exhibited impressive performance throughout the year, having gained over 80% since the beginning of 2022.
While it reached all-time highs of nearly $69,000 in November 2021, the cryptocurrency is currently trading within a smaller range.
Glassnode’s analysis indicates that the spot price of Bitcoin has been oscillating between the retracement levels of -50% at $34,300 and -61.8% at $26,200, creating a defined local range.
