Weiss Ratings: Crypto Whales Accumulate $570M Worth of BTC in the Last 60 Days – Have We Hit Bottom?

The question on everyone’s mind is whether or not the Bitcoin (BTC) bottom is in? There are many conflicting views as to which viewpoint is right, and there is evidence to support both outcomes. However, lately it appears there is more and more evidence to support that we have in fact already reached Bitcoin’s bottom.

Is the Bitcoin (BTC) Bottom in?

Supporting the idea that Bitcoin has already bottomed is Weiss Ratings, a well-known research firm that provides research, data, and insights to investors and traders around the world with regards to traditional stock markets as well as cryptocurrencies.

As previously reported by IIB, Weiss Ratings believes that now is the time to buy Bitcoin as prices remain close to $3,000. As seen in a tweet from December 2018, Weiss called for a Bitcoin bottom in the very near future.

What’s interesting about this tweet is that 4 days later on December 15, 2018, Bitcoin reached its current bear market bottom of $3,150. Bitcoin has not dipped below that level since, and the sentiment around Bitcoin has become more and more bullish.

$570M Worth of BTC Accumulated by the 100 Biggest Wallets in the Last 60 Days

In addition to the Weiss Ratings’ tweet made in December, they have once again tweeted to suggest that the Bitcoin bottom is in.

According to Weiss, the 100 largest Bitcoin wallets (excluding exchanges) have been accumulating substantial amounts of Bitcoin over the last 60 days at low prices. In fact, Weiss says they have accumulated a total of 150,000 BTC, which at today’s prices is worth over $570 million.

Weiss has not provided any proof to back up these statements, but as they are a reputable research and data analysis firm, it’s taken to be true.

Moreover, if the largest BTC wallets have been accumulating this much Bitcoin during the lowest prices of the bear market, people are speculating that this is an indicator that the Bitcoin bottom is in.

However, while this me be taken as good news, one Twitter user by the name of Crypto Couple, pointed out a negative outlook to this development, stating:

Another twitter user by the name of Seba agreed with the statement above, further adding:

Taking these points into consideration, it’s important to remember just how powerful these crypto whales can be, and to always remain vigilant when investing in crypto.

Do you think the Bitcoin bottom is in? Does it bother you that crypto whales have accumulated so much Bitcoin? Let us know what you think in the comment section below.

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