Bitcoin (BTC) is quietly building bullish momentum as significant smart money inflows surge, according to data released today by Nexo, a centralized finance platform. Nexo's market observation reveals that Bitcoin smart money wallets on its trading platform have substantially increased their holdings over the past two weeks, steadily accumulating BTC. This suggests a positive trend in investor interest amid the asset's recent price rises.
Currently, Bitcoin trades at $78,463, up 0.2% over the past 24 hours. The crypto has also recorded gains of 0.6% and 17.2% over the past week and month, respectively, indicating a developing momentum that appears to be accelerating. Nexo reported that this accumulation coincided with Bitcoin breaking above the True Market Mean at $78,100 for the first time since January.
Data shared by market analyst Glassnode on social platform X backed this developing market bullishness, pointing out that BTC's smart money wallets have been silently accumulating the asset while its price consolidates at the $78,000 level. Glassnode identified that the number of wallets holding 100+ BTC has been consistently climbing recently. Furthermore, over the past two weeks, wallets holding between 10 and 10,000 BTC have accumulated an additional 41,000 BTC, a trend indicating that these wallets are expanding their Bitcoin holdings, showcasing a strategic move by large investors.
This accumulation trend suggests increased confidence in Bitcoin's long-term potential among whales, who are aggressively purchasing tokens at current market conditions as they position themselves for possible price surges. The activity of these whale wallets could positively influence upcoming price movements, as large-scale token accumulation traditionally brings substantial market enthusiasm and price rises.
Bitcoin's weekly chart shows a bullish flag pattern forming, indicating a potential continuation of BTC price climbs in the coming days. This bullish structure signals that BTC could be heading towards the $85,000-$86,309 range, representing a 10% upside from its current price levels.
