New data from IntoTheBlock—a leading on-chain analytics firm—builds a growing trend in the cryptocurrency market. The world’s top digital currency, Bitcoin, has reached the price level of around $70,000. Major Bitcoin holders—or, rather, those who hold between 1,000 and 10,000 BTC—have increased their portfolios. The price of the asset has, since then, increased during that period and is now currently selling at $70,000.

Over the past seven days, such large-scale holders have collectively added a whopping 20,000 BTC to their bag. This kind of accumulation is close to $1.4 billion and has signaled an increased belief among a class of experienced investors in the enduring prospects of Bitcoin. This strong accumulation by key players is bullish and sets a cushion for the market to rally, possibly breaking new levels in the crypto space.

IntoTheBlock