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Another 60% Growth on Bitcoin Is Possible in the New Accumulation Period Initiated by Whales

Fri, 09/24/2021 - 10:43
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Arman Shirinyan
New accumulation period might save the current Bitcoin market
Another 60% Growth on Bitcoin Is Possible in the New Accumulation Period Initiated by Whales
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According to recent on-chain data provided by Santiment, the current Bitcoin market just entered a new market phase. The indicator suggests that the Bitcoin spending rates of millionaires, or "whales," have significantly dropped.

Increased volatility and the recent drop in the market have led to increased spending rates on the markets. After a slight market recovery, the spending rates of large Bitcoin wallets, or "whales," have returned to normal.

China's Central Bank Says All Crypto-Related Transactions Are Illegal, Bitcoin Plunges 5 Percent

The previous accumulation period was followed by the significant growth of Bitcoin's value. The first cryptocurrency's price rose by more than 60% from July to September. Accumulation periods are usually followed by low spending rates on both small and large Bitcoin wallets. Whenever spending activity decreases, holders keep their funds in their personal wallets instead of moving them on various crypto exchanges.

Santime Whale Data
Source: Santiment

Whenever market participants hold funds on cryptocurrency wallets, there are always more chances for funds to be realized on the market as increased volatility appears. Analogous to previous periods of accumulation, whales have stopped moving funds amongst each other and exchange wallets.

At press time, Bitcoin is trading at $42,585 after China's central bank stated that all cryptocurrency-related transactions will be counted as illegal activities and that those are tied to money laundering.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.