'The Whale Has Returned' Emerges as the Background of Bitcoin's Bullish Trend

[Asia Economy New York=Correspondent Baek Jong-min] While most cryptocurrencies, including Bitcoin, are undergoing a correction, there is an analysis that large investors are continuously buying Bitcoin.

On the 25th (local time), according to CoinMarketCap, Bitcoin is trading at around $48,300, down about 1.9% compared to 24 hours ago.

Ethereum is priced at $3,215, down 3%, and Dogecoin is at 28.3 cents, down 5.9%. Polkadot, which had been strong recently, is recording $25.74, down 7.2%.

[Image source=Reuters Yonhap News]

There is an analysis that the reason behind Bitcoin’s continued strength, surpassing $50,000, is the presence of 'whales.'

Chainalysis identified that accounts holding more than $50 million worth of Bitcoin have been steadily buying since the end of June. Whales refer to those who invest in cryptocurrencies on a large scale.

Chainalysis found that since June 22, the amount of Bitcoin purchased by whales has reached $10 billion. The scale of Bitcoin held by whales has also recovered to the level seen in February.

Bitcoin Trading Trends of Whale Investors

The increase in whale trading continues even as Bitcoin’s price surpasses $50,000.

Philip Gradwell, an analyst at Chainalysis, explained, "Whales’ Bitcoin purchases are related to the upward trend in Bitcoin’s price."

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