Massive! Large Bitcoin Holders Scope up 4,177 Bitcoin in 7 Days

Data from IntoTheBlock shows that large Bitcoin holders have accumulated about 4,177 bitcoins in the past seven days, despite the crypto asset approaching major resistance at its all-time high of $69,000.

With the purchase now worth $279 million at the current market price, the whales are looking to escape the widely expected Bitcoin scarcity emanating from the continual accumulation of exchange-traded fund (ETF) products.

Accumulation Despite Major Resistance Ahead

The large bitcoin holders have continued to purchase bitcoin despite the asset approaching major resistance. Bitcoin came crashing the last time it reached these levels and has since become the asset’s market top.

The confidence may be fueled by the non-stop cash flow into Bitcoin through ETF products. Inflows on the spot Bitcoin ETF products have been at their peak, with BlackRock’s AUM topping silver’s biggest ETF, SLV, to reach $10 billion. 

Also, speculations have suggested the bull run is still early despite its proximity to new highs. With the halving, a significant catalyst for price movement, still undone, market makers are seeing Bitcoin surpass $100,000 before the year runs out.

Incoming Scarcity

The current demand-supply chart for Bitcoin has shown that supply will run out soon enough. Presently, there is an 11:1 demand-supply ratio for the asset to its supply. With further reductions in supply, Bitcoin might run into scarcity soon.

With whales like Microstrategy still accumulating Bitcoin, the market might be up for its highest supply squeeze. Bitcoin continues to trade above $67,000 after a rejection from breaking its all-time high.

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