Key takeaways:
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Bitcoin’s price consolidates below its all-time high of nearly $112,000.
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Whale accumulation, strong ETF inflows and other factors suggest BTC is on track to $120,000.
Bitcoin (BTC) shows multiple onchain and technical signals that there is still more upside for BTC.
Bitcoin whales accumulate more BTC
Large Bitcoin investors have been adding to their holdings in anticipation of price increases in the future. Data from market intelligence firm CryptoQuant shows that the percentage of wallets holding between 1,000 and 10,000 BTC has increased sharply since May 6, accompanying a 16% price increase over the same period.
This is a “sign of growing investor confidence,” said CryptoQuant in a May 29 post on X, adding:
“It is historically linked to higher prices.”
Ochain data provider Santiment also highlighted that aggressive accumulation is occurring among wallets holding between 100 and 1,000 BTC.
In the past six weeks, this group has added more than 337 wallets, collectively accumulating more than 122,330 BTC, worth about $13.3 billion at current prices.
“Over the past 5 years of Bitcoin’s history, no tier of wallets has been more price-correlated to crypto markets than the behavior of whales holding between 100 to 1,000 $BTC.”
Additional data from Glassnode data shows the Bitcoin Accumulation Trend Score (ATS) at 1, which signifies intense accumulation by large investors.
Overall, this is a positive sign as continued accumulation signals bullish sentiment among this cohort of investors.
Strong spot Bitcoin ETF inflows
US-based spot Bitcoin exchange-traded funds (ETFs) continue to see massive capital inflows, with data from SoSoValue showing these investment products have recorded inflows for 10 consecutive days, totaling $4.2 billion.
Spot Bitcoin ETFs have “seen a sustained period of buy-side pressure that originated in late April, and remains strong today,” said blockchain analytics firm Glassnode in its latest Week Onchain report, adding:
“This large and sustained buy-side pressure from both retail and institutional investors suggests a continued confidence in the asset, and has been a meaningful tailwind for the market, supporting all previous ATH breaks since they went live in 2024.”
This is also reflected across other Bitcoin…
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