Bitcoin Whales Amass $2.64 Billion in Two Months, Setting Stage for Potential Short Squeeze

Bitcoin's recent price action suggests that large holders are accumulating more BTC despite selling pressure from other sources. In the last two months, whales have purchased $2.64 billion worth of Bitcoin, indicating strong conviction among these key investors.

This accumulation is significant as it shows that long-term holders are becoming more confident in Bitcoin's potential, even in the face of macroeconomic challenges such as rising Treasury yields and geopolitical tensions.

Bitcoin's steady consolidation near $65k is also notable, especially when compared to a weaker Nasdaq. This could potentially set the stage for a bear trap that triggers a short squeeze, pushing BTC above $70k by the end of Q3.