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Bitcoin Whales Return to the Market

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Bitcoin Whales Return to the Market

Indicators show money flowing from stablecoins to Bitcoin, whales seem to be returning to the market.

According to Glassnode, the Stablecoin Supply Rate (SSR) Oscillator bottomed in recent weeks and is trending up again. This shows that money is flowing from stablecoins to BTC.

On the other hand, Bitcoin is now moving from “weak hands” to “strong hands”.

The 4th largest Bitcoin wallet has accumulated assets again. During Tuesday’s price correction, this wallet address added 4,106 BTC, worth $143 million.

Earlier, a mysterious whale sold 1,500 BTC for $40,000. This character first bought BTC in 2019 and now owns 115,000 BTC, worth about $4 billion.

The supply of Bitcoin at exchanges has once again begun to dry up. This is a sign that BTC price is about to rise again.

Although Bitcoin is showing signs of recovery, Bitcoin network activity has not seen a significant increase. Bitcoin network address activity is now at its lowest level since March 2020.

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