Bitcoin Price Prediction as $15 Billion Trading Volume Comes In – Are Whales Buying?
In the dynamic world of cryptocurrency, the recent surge in Bitcoin's trading volume, which reached a staggering $15 billion, has captured the attention of market observers.
This substantial increase in trading activity raises questions about the involvement of whales, the influential players with significant holdings of Bitcoin.
As the market eagerly anticipates the direction of Bitcoin's price, let's delve into the factors influencing this surge in trading volume and explore whether whales are actively buying, potentially signaling a bullish sentiment in the cryptocurrency market.
Bitcoin's on-chain analytics indicate that the "sharks" and "whales," referring to moderate and large holders, respectively, have accumulated Bitcoin since the market's peak in April.
The supply distribution metric, which measures the total amount of Bitcoin held by different wallet groups, shows a decline in holdings during the March surge and subsequent accumulation during the downtrend in April.
Since April, these investors have added approximately 93,000 BTC (equivalent to $2.6 billion) to their wallets.
However, their accumulation has slowed in recent weeks, suggesting caution as the cryptocurrency faces challenges.
The behavior of these large investors will likely influence the market sentiment and future price movements of Bitcoin.
The May ADP National Employment Report shows a stronger-than-expected growth of 278,000 jobs in the private sector, along with a notable 6.5% increase in annual pay.
This positive outcome is seen as favorable for the US dollar, further contributing to the bearish sentiment surrounding Bitcoin.
Bitcoin is currently trading at $26,858 on June 1st, marking a 1% decrease within the last 24 hours. The cryptocurrency
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