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As Bitcoin trades around $67,500, on-chain analysis reveals a significant accumulation phase in the market. Large investors, known as whales, are increasing their BTC holdings, suggesting a potential price rise in the near future. aSOPR data shows that Bitcoin has not yet reached its peak, presenting investors with attractive buying opportunities.
Bitcoin Accumulation Phase Suggests Upcoming Rally
Following a sharp decline, Bitcoin is now hovering around $67,500, drawing the attention of investors and traders closely monitoring the market’s next move. According to on-chain analysis by Woominkyu from CryptoQuant, BTC is in a critical accumulation phase, hinting at a potential price surge. This presents a prime buying opportunity for long-term investors.
aSOPR Data Supports Accumulation
The Adjusted Spent Output Profit Ratio (aSOPR), used by Woominkyu in his analysis, sheds light on typical market behavior during Bitcoin’s cycles. aSOPR measures the profit or loss from spent Bitcoin outputs. Historically, when this metric reaches 1.08, large investors begin taking profits, indicating market peaks. Currently, however, aSOPR sits at 1.01, signaling that the market is far from peaking and still in an accumulation phase.
Whales Accelerate Bitcoin Accumulation
Historical data shows that whales—investors holding between 1,000 and 10,000 BTC—typically accumulate Bitcoin when aSOPR is between 1.01 and 1.04. This period offers long-term investors a chance to buy Bitcoin at favorable prices. Should aSOPR exceed 1.08, heavy whale selling could begin. As of now, accumulating Bitcoin at these lower levels could give investors an advantage before the next major rally.
Throughout 2024, whales have aggressively added to their Bitcoin holdings, accumulating 173,000 BTC, far outpacing retail investors, who added 30,000 BTC. This whale activity may signal an impending price increase. Additionally, the open interest in Bitcoin futures has reached a record $40.5 billion, reinforcing expectations of further market movement.
A Critical Period for Bitcoin
With whales actively accumulating and aSOPR remaining low, Bitcoin could be on the brink of another upward rally. These indicators suggest that the accumulation phase is still ongoing, providing investors with a window of opportunity. However, as always, market risks should be carefully considered, and strategies adjusted accordingly.
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