Whales holding over 10K BTC are accumulating again, analyst says

The current market is likely in the mid-to-late stage of a bear market, based on the activity of whale addresses holding over 10,000 BTC, crypto analyst Murphy (@Murphychen888) said on X. The analyst noted that there are currently 88 such addresses, down from 121 at the 2022 bear market bottom. These large-scale investors have historically followed a pattern of completing their accumulation before a bull market begins and reducing their holdings near the market peak. According to Murphy, these whales accumulated 2.54 million BTC by June 2024 before decreasing their holdings to 2.15 million BTC by last October, a drop of 392,000 BTC. As of March 2, their holdings have risen to 2.26 million BTC, indicating they have re-entered an accumulation phase. The analyst predicted that the next bull market could begin once this accumulation is complete.