The voracious appetite of Bitcoin whales was again put on display as the influential cohort quietly went on adding to their positions.
However, in a drastic turn of events, Bitcoin bumped to as high as $26.8k during 23 August trading hours. Furthermore, the token’s trading volume shot by 8.27% in the last 24 hours. An increase in price coming alongside an increase in volume is typically indicative of buying pressure and a bullish indicator for short and medium-term investments.
Although prices at press time pulled back to $26.4k, the brief rally, coming almost after a week of gloom, brought cheers and hopes to the market participants.The voracious appetite of Bitcoin’s large investors was again put to display as this influential cohort quietly went on adding to their existing positions., addresses holding between 10 to 1o,000 BTCs added about 11,629 tokens to their existing supply since the crash on 17 August.
A look at the whale transaction count revealed that large investors have been active since the start of the week. After a dip over the last weekend, trades worth more than $1 million increased to nearly 1330 per day.While the affinity shown by Bitcoin whales was hard to miss, retail investors of the coin also had a compelling story to narrate. This group, often known as non-professional investors, trades in much lower sums and is perceived as lacking in knowledge and research on investments.
However, these individual investors seem to also have their eyes set on the bullish potential of Bitcoin. As per a recent update by Glassnode, the wallets holding more than 0.01 coins recorded a fresh all-time high. In fact, over a longer period of time, this cohort has steadily grown in number, surviving the tough periods of a bear market that may have come by.
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