BTC whales have returned, accumulating over $2 billion worth of the cryptocurrency in a short timeframe.
Large investors bought more than 20,000 BTC in the past two days, with collective holdings over 4.7 million assets, representing around 23.7% of the circulating supply.
Whale accumulation is seen as a bullish signal for a potential price rally, potentially inspiring smaller players to follow suit.
Other bullish indicators include diminishing BTC supply on exchanges, positive exchange netflows on only seven of the last 30 days, and Bitcoin's Relative Strength Index (RSI) nearing oversold levels.