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The recent increase in Bitcoin from $60,000 to $67,000 is attributed to the actions of significant cryptocurrency holders, commonly referred to as whales. However, analysts from Glassnode indicate that there are no clear signs of a sustainable recovery in market demand at this time.
Over the past week, whales have acquired 53,000 Bitcoins, marking their largest purchase since November. Wallet owners holding more than 1,000 BTC invested over $4 billion in Bitcoin, while smaller market participants remained largely inactive.
The overall outlook appears less optimistic to experts. Excluding transactions involving cryptocurrency exchanges and exchange-traded funds (ETFs), large holders have sold more Bitcoins than they have bought. Since mid-December, their total net sales have exceeded 170,000 BTC.
Currently, there is virtually no new demand, according to Bloomberg. Exchange-traded funds are not showing activity, as their clients are still facing losses. Corporate buyers are also hesitant to return to the market, as noted by Glassnode specialists.
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The current cautious revival is markedly different from previous periods of rapid growth, as recent purchases cannot offset the decline that occurred earlier, experts interviewed by the news agency point out.
“When this storm passes, we will buy again — after having sold at the end of last year. But for now, the clouds have not cleared,” shared crypto investor Bruno Ver with Bloomberg.
According to analysts from another blockchain firm, CryptoQuant, during the downturn in the crypto market, whales accumulated 67,000 Bitcoins worth $4.5 billion at the price on February 11.
Earlier, experts from the investment firm Bernstein stated that Bitcoin would reach $150,000 by the end of the year, as the bearish cycle is expected to conclude soon.
