Bitcoin Soars To $70K: Weekend Whale and Shark Wallet Activity Sparks Surge

March 25, 2024

The cryptocurrency landscape has roared back to life this week, reclaiming ground lost during its recent downturn. Spearheading this resurgence is Bitcoin, the world’s first-ever crypto asset, currently flexing its muscles at the $70,000 mark. Industry whispers suggest that this formidable climb could very well be orchestrated by the strategic maneuvers of the market’s heavyweight BTC holders.

In a jaw-dropping display of strength, Bitcoin staged a formidable rally Monday, surging by 7.09% and leaving traders scratching their heads in disbelief. Earlier in the day, the world’s premier cryptocurrency was trading at a modest $66,958, only to skyrocket unexpectedly. 

So, what ignited this dazzling ascent? 

According to market intelligence powerhouse Santiment, the driving force behind this impressive surge lies in the recent aggressive accumulation by prominent Bitcoin stakeholders. Santiment labeled this buying spree as “one of their single largest accumulation days in years,” signaling a bullish sentiment and potentially reshaping the crypto landscape.

In a staggering display of confidence, wallets holding between 10 and 10,000 BTC collectively amassed 51,959 Bitcoin this past Sunday. To put this monumental feat into perspective, this aggressive accumulation represents a whopping 0.263% of the total currently available Bitcoin supply—all gathered in a single day, the market intelligence firm explained.

As the final stretch leading up to the highly anticipated Bitcoin Halving event draws closer, Santiment shared that there’s a growing expectation for wallet accumulations to persist. Such a trend could potentially bolster the overall crypto market caps, injecting positive momentum into the broader cryptocurrency landscape.

However, Santiment said, “Ideally, this continued accumulation would not be coming entirely at the expense of whale and shark $USDT and $USDC holdings. Their dry powder, as it is often referenced, is a key component to continuously have the ability to swap for more cryptocurrency at any given time.”

In addition to Bitcoin’s notable performance, Shiba Inu has captured the spotlight with an impressive rally on Monday. The meme-inspired cryptocurrency surged by a whopping 8.19% within a 24-hour period, trading at $0.00002972. This surge extends further, marking a substantial 12.43% uptick over the past week and an astonishing 209.00% leap over the last month.

At 1:09 p.m. ET this Monday, Bitcoin showcased its bullish strength, trading at $70,563.36, accompanied by a robust trading volume of $40,302,217,878. This marks an impressive 8.87% uptick in just 24 hours, a solid 5.20% increase over the past week, and a notable 37.25% surge over the last month. According to the latest data from CoinMarketCap, Bitcoin’s circulating supply stands at 19,664,106 BTC, propelling its market cap to a staggering $1,385,679,516,72.

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