Bitcoin’s price has retraced slightly below $95,000, yet whales remain active. According to Santiment, wallets holding over 10 BTC accumulated 63,922 additional coins in November, worth $6.06 billion.
The crypto trades at $94,851.35, showing a 24-hour decline of 3.51% but maintains a 7-day growth of 3.16%, as reported by CoinGecko.
Blockchain data reveals substantial whale activity throughout November. These large-scale holders, also known as sharks, continue to expand their Bitcoin positions.
The accumulation trend suggests strong market confidence among institutional investors and high-net-worth individuals. The sustained buying pressure from whale wallets presents a contrast to short-term price movements.
Market data shows these wallets now hold an increased share of the total Bitcoin supply, demonstrating their long-term investment approach.
What you'll learn 👉
Technical Analysis and Historical Patterns
Market analyst Ash Crypto points to Bitcoin’s monthly RSI crossing above 70 for the first time since Q1 2024. This technical indicator has preceded major price movements in previous bull cycles, including 2012, 2013, 2016, and 2020.
The RSI reading above 70 has historically signaled strong market momentum. Past instances of this technical formation have preceded extended upward price trends in Bitcoin’s market cycles.
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Institutional Investment Activity
BlackRock’s latest Bitcoin purchase amounts to $267.79 million, as noted by Crypto Rover. This investment demonstrates continued institutional interest in the cryptocurrency market despite short-term price swings.
The asset management giant’s ongoing crypto investments align with broader market trends. Trading volume data from CoinGecko shows robust market activity, with Bitcoin’s daily trading volume reaching $115.09 billion.
Market metrics indicate steady institutional participation in the cryptocurrency space. The combination of whale accumulation and institutional buying presents a comprehensive view of current market dynamics.
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