- Addresses holding 1,000-10,000 BTC have increased in accumulation.
- BTC price hit above $22,000 for the first time in four months.
Several key indicators show that whales have played a significant role in bitcoin [BTC] recent upswing. The king coin surpassed the price of $22,000 for the first time in four months. However, despite the recent significant rise, a significant portion of the supply was on unrealized gains at press time.
Read Bitcoins [BTC] Price prediction 2023-24
whales on the gas
Bitcoin started 2023 on a high and broke key price resistance levels to regain previously lost ground. According to Santiment’s data, whales have been instrumental in BTC’s rise as they have significantly increased their accumulation since the start of 2023.
As of this writing, whales have amassed approximately 64,000 Bitcoin, which is worth over $1 billion.
Source: Santiment
Santiment went on to report that the majority of the $1 billion+ hoard occurred in the last 15 days. Furthermore, whales with 1000 – 10,000 BTCs were responsible for this accumulation.
🐳 #Bitcoin has now surpassed $22.7K for the first time since August 18, 2022. The price surge comes as the large group of whale addresses holding $1,000 to $10,000 BTC has accumulated a combined $64,638 ($1.46 billion) BTC over the past 15 days. 👍 https://t.co/H6jCsZDgUR pic.twitter.com/RaN2I48ybg
— Santiment (@santimentfeed) January 20, 2023
The price of bitcoin is up 34% in the last 30 days and 20% in the last seven days. At press time, Bitcoin is 68% down from its all-time high of nearly $69,000 set in November 2021. However, recent advances pointed to a strong comeback after a lackluster 2022.
BTC shoots up to $22,800 daily
At the time of this writing, Bitcoin was trading above $22,800. This represented an increase in value of almost 40% since the start of the rise. When the on-balance volume was examined, it was found to be increasing and, more importantly, moving in tandem with the price movement.
A close analysis of the chart also revealed that BTC was attempting to create a support level around the $20,000 level.
Source: Trade View
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Additionally, the coin experienced a bull run according to the Relative Strength Index (RSI). The RSI reading was above 70, indicating overbought conditions; it has been there since the ascension began on January 11th. As whales become more active, prices could continue to rise and stay in overbought territory.
Unrealized gain on the rise
However, even though the price of BTC continued to rise, the amount of its unrealized gain trended upwards. Data from CryptoQuant showed that as the BTC price surged, the net unrealized gain indicator also surged. Net unrealized income at the time of writing was 0.40, the highest in over five months.
Source: CryptoQuant
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