Bitcoin

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;accumulation by large holders has reached levels not seen since before the 2020 bull market. Could it propel Bitcoin’s price to a breakout above the $70,000 mark?
<h2 id="bitcoin-whale-accumulation-reached-2020-levels">Bitcoin whale accumulation reached 2020 levels</h2>
Bitcoin accumulation by whales, or entities holding at least 1,000 BTC, has hit a nearly four-year high last seen during 2020, according to a Bitfinex research report shared with Cointelegraph.
Referencing the chart below, the Bitfinex analysts wrote:
<blockquote data-ct-non-breakable="true">
 “Adding another layer to this bullish sentiment, Bitcoin ‘whales’ are also accumulating Bitcoin at a pace reminiscent of the pre-2020 bull run. This accumulation, now at its highest in the last two months, has led to a new historical high in their Bitcoin balance.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/2e72e919-7a5a-4dd0-a061-e0b563d664fc.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin Total Whale Holdings and Monthly Percent Change Source: CryptoQuant
 </figcaption>
</figure>
Factors like an anticipated interest rate cut and increased institutional buying could lead to more upward momentum for Bitcoin, according to Bitfinex analysts:
<blockquote data-ct-non-breakable="true">
 “Looking forward, several factors could potentially reignite Bitcoin’s upward trajectory. These&nbsp;include an increase in average daily ETF buying activity, a reduction in selling pressure from&nbsp;long-term holders, and a rise in liquidity, which could be triggered by the anticipated rate cut.”
</blockquote>
On June 10, spot Bitcoin <a href="https://cointelegraph.com/learn/different-types-of-etfs">exchange-traded funds (ETFs)</a> in the United States recorded their <a href="https://cointelegraph.com/news/bitcoin-drops-etfs-lose-inflow-steak-us-inflation-fed-meeting">first day of net outflows</a> in over 19 consecutive trading days. The 10 U.S. ETFs saw $64.9 million worth of outflows, <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">according</a> to Farside Investors.
On June 11, the U.S. Bitcoin ETFs saw over $200 million worth of negative net outflows.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/367f375d-b7ed-4f7c-b8f5-e31701f9cd9e.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF Flow Table. Source: Farside
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</figure>
Related: <a href="https://cointelegraph.com/news/63-banks-brink-insolvency-bitcoin-target-100k">63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K</a>
<h2 id="bitcoin-short-term-holder-realized-price-at-63-700">Bitcoin short-term holder realized price at $63,700</h2>
Bitcoin has successfully confirmed the $66,000 mark as its new support on the weekly chart, according to popular crypto analyst Rekt Capital.
The analyst wrote in a June 12 X <a href="https://x.com/rektcapital/status/1800872664812446015" target="_blank" rel="noopener nofollow">post</a>, to his 476,000 followers:
<blockquote data-ct-non-breakable="true">
 “Bitcoin has successfully retested the black Mid-Range as support (~$66,000) on the recent pullback. Any downside volatility below black is bonus territory.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/a1e617db-7a9a-461b-a1a0-420d9e1e079b.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC weekly support. Source: Rekt Capital
 </figcaption>
</figure>
Meanwhile, Bitcoin’s short-term holder realized price rose to $63,729 on June 11, according to <a href="https://www.lookintobitcoin.com/charts/short-term-holder-realized-price/" target="_blank" rel="noopener nofollow">LookIntoBitcoin</a>. During bull cycles, the short-term holder realized price often acts as a dynamic support line for Bitcoin’s price.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/586810ec-e8dc-49f6-8820-7657c1b033a1.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin: Short-term holder realized price. Source: LookIntoBitcoin
 </figcaption>
</figure>
But Bitcoin’s price has been stuck despite the increasing realized price, mainly due to the distribution of older coins, according to Thomas Fahrer, co-founder of Apollo. He wrote in a June 12 X <a href="https://x.com/thomas_fahrer/status/1800700195191300379" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “We simply have to wait it out until we complete the market ‘reset’ which sets a new floor. Then $65,000–$70,000 becomes a base much in the same way $10,000 became a base in 2020.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whale accumulation reaches pre-2020 bull run levels — Is BTC set to break $70K?

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