Bitcoin Whales Stockpile Despite Lackluster Market Performance

• Major cryptocurrencies have shown minimal price movement in recent months.
• Large investors (“whales”) are accumulating Bitcoin at a rapid pace.
• The lack of price movement creates uncertainty about the market’s future direction.

In a recent tweet, influential crypto analyst CryptoGodfatha highlighted the lackluster performance of several major cryptocurrencies since his predictions in March.

On March 14, 2024, CryptoGodfatha tweeted a list of cryptocurrencies to watch in 2024, noting their then-current prices: Bitcoin at $73,000, Ethereum at $4,000, Solana at $165, Ston at $4.10, Wrapped Filecoin (WFIL) at $3.00, Dogecoin at $0.168, and Sui at $1.643. His message was succinct: “Eyes on these for 2024.”

In his latest tweet, CryptoGodfatha compared those prices to current values: Bitcoin at $71,000, Ethereum at $3,800, Solana at $170, Terra at $7.43, Wrapped Filecoin at $3.26, Dogecoin at $0.16, and Sui at $1.12. The comparison reveals minimal price movement for most assets, signaling a period of stagnation.

“Not much growth since March,” he commented on the disappointing performance. Bitcoin, the leading cryptocurrency, has dropped slightly from $73,000 to $71,000. Ethereum also saw a small decrease from $4,000 to $3,800.

Solana, a top altcoin, experienced a minor increase from $165 to $170. Terra, not included in the March tweet but added to the latest update, stood at $7.43. Wrapped Filecoin saw a slight rise from $3.00 to $3.26, while Dogecoin and Sui declined slightly from $0.168 to $0.16 and $1.643 to $1.12, respectively.Despite this stagnation, a recent CryptoQuant weekly report indicates that large investors, known as “whales,” are accumulating Bitcoin at a pace similar to that seen before the 2020 bull run. The firm’s data reveals daily injections of $1 billion into Bitcoin and a significant increase in holdings by these whales.