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The Bitcoin price has cooled off after surging to as high as $71,000 on the back of the Ethereum ETF approval news last week. Not long after the price spike, the premier cryptocurrency witnessed a correction to $67,000 and appears to be back in a <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-consolidates-here-are-the-next-key-levels-to-watch/" target="_blank" rel="noopener ">consolidation range</a>. 
Interestingly, Bitcoin whales seem to be awakening from their slumber, as they have been loading their bags with significant BTC amounts in the past few days. This begs the question – can the returning whales’ appetite push <a href="https://www.newsbtc.com/bitcoin-news/analyst-says-time-before-bitcoin-flies-past-ath/" target="_blank" rel="noopener ">Bitcoin to a new record-high price</a>? 
<h2 id="strong-is-a-return-to-all-time-high-imminent-strong">Is A Return To All-Time High Imminent?</h2> 
A pseudonymous analyst shared in a CryptoQuant <a href="https://cryptoquant.com/insights/quicktake/66508ddf175b1a295693ccb0-Bitcoin-The-whales-appetite-for-buying-returns?utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=abramchart" target="_blank" rel="noopener nofollow">Quicktake post</a> that Bitcoin whales are showing an increased buying appetite and getting active in the market once again. The relevant indicators here are the total whale holdings and a moving average tracking a 30-day percentage change in the balance. 
Whales are entities (individuals or organizations) that own substantial amounts of a cryptocurrency (typically at least 1,000 BTC, in this case). Due to the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-1-4-billion-btc/" target="_blank" rel="noopener ">size of their holdings</a>, whales are often able to influence price movements and market dynamics through their activities. 
In the Quicktake post, the on-chain analyst noted a recent increase in the monthly percentage change in whale address holdings and a steady rise in the total whale balance. The pseundonymous pundit said: 
<blockquote>
 The whales’ appetite for buying Bitcoin has returned strongly, after a two-month decline in buying interest since March.
</blockquote> 
<img loading="lazy" decoding="async" src="https://i0.wp.com/img.cryptoquant.com/256099/quicktake/i44te7F7_4b66ef3d876ffbafd491d9089a8aed0636dc19ae917ac32cf49f0698dae622c1.png?resize=1280%2C720&amp;ssl=1" alt="Bitcoin" width="1280" height="720" data-recalc-dims="1"> 
From the chart above, it was observed that the Bitcoin whales had increased their holdings by more than 11% in March when the BTC price hit a new all-time high of $73,737. However, the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-accumulation-btc/" target="_blank" rel="noopener ">BTC accumulation rate steadied</a> in April, with the 30-day percentage change falling to around 3% by the end of the month. 
Bitcoin accumulation appears to be on the rise in May, with the monthly percentage change returning to above 5% as of May 24. The CryptoQuant analyst said in the post:&nbsp; 
<blockquote>
 They [whales] are now returning with a strong buying force again, indicating that the current prices are suitable for purchasing and accumulating despite the widespread fear.
</blockquote> 
If the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-accumulation-hodlers-buying-15000-btc/" target="_blank" rel="noopener ">whale accumulation of BTC</a> returns to its March level, there is an increased likelihood of the Bitcoin price returning to and perhaps surpassing its current all-time high. This projection is even more plausible considering that the premier cryptocurrency did forge a new high the last time the whales accumulated BTC at that rate. 
<h2 id="strong-bitcoin-price-at-a-glance-strong">Bitcoin Price At A Glance</h2> 
As of press time, the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-make-or-break-zon/" target="_blank" rel="noopener ">price of Bitcoin</a> stands at around $69,216, reflecting a bare 0.8% increase in the past 24 hours. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ZLKjAEgF/" alt="Bitcoin" width="2174" height="1434">

Bitcoin Whales’ Buying Appetite Returns, On-Chain Data Shows

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