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Kraken Report: Whales are driving this rally

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According to a report by Kraken, the largest BTC wallets accumulate even more coins and act as fuel for the current ATH rally.

Ideal conditions

Addresses holding more than 100 BTC, in addition to the bid shock, created the ideal conditions for BTC to continue the rally, which began in early October. The average possession of BTC whales has increased by 0.25% since the beginning of October, reaching approximately $ 720 billion.

In addition to whale holding, more investors have entered the level of large wallets, while the number of wallets holding more than 100 Bitcoins has increased by 1.6%. Their number reached the May level, when BTC traded for 65,000 USD.

The growing number of BTC whales is followed by an increase in confidence in the cryptocurrency market. While whales choose to accumulate coins over time, instead of collecting profits, the market is said to grow.

The year 2021 is generally good

In addition to the number of coins concentrated in whales’ wallets, exchanges flows can also be an indicator of the presence or absence of selling pressure. Already during the correction period in May and June, exchange reserves began to grow as the market came under selling pressure.

The year 2021 was generally great for BTC and the cryptocurrency market. The first cryptocurrency quadrupled in value and recently reached a new ATH of $ 67,000. The latest rally was most likely supported by the approval of the ETF on BTC with futures, which became available to traders in the US.

Although the cryptocurrency market has received recognition from a number of regulators and traditional investment firms, it still remains highly volatile. However, some retailers are more than satisfied with the current market situation and prefer to use cryptocurrencies to diversify their portfolios.

Conclusion

Cryptocurrency market was, is and will be about emotions. It is still quite volatile, although there is still a large adoption this year. However, this is still good news that will hopefully continue.

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