Bitcoin rises above $31,000, ending a nine-week losing streak, and the crypto market may see a ray of hope

According to Bitpush terminal data, Bitcoin rose by 5.82% in 24 hours. As of press time, Bitcoin was quoted at $31,378. According to TradingView data, Bitcoin finally stopped its decline last week after experiencing its first nine consecutive weeks of decline in history, bringing new hope to investors.

Bitcoin opened at $29,443 on Monday, May 30, and traded as high as $32,249 at the end of the week before closing at $30,600. Bitcoin prices continued to rise during the Asian trading session on Monday, ending a nine-week losing streak, and could reach higher heights this week.

The crypto market may also usher in a brighter few weeks. According to data from Coingecko, the total market value of the crypto field has risen by 5.1% in the past 24 hours and is currently around $1.35 trillion. Due to the huge market uptrend brought about by the rise of Bitcoin, the prices of most assets are rising, among which Ethereum has risen by 6.8% in 24 hours and Cardano has risen by nearly 12%. Cardano has also become the top 3 most profitable assets in the market and the fastest growing asset among the top 100 tokens by market value.

Bitcoin balances in whale wallets surge to all-time high

Large Bitcoin wallets (some of which are located on exchanges) have seen a significant increase in buying activity. Santiment shared on Twitter that giant whale addresses holding 1,000 to 10,000 Bitcoins have been accumulating heavily this year, and so far they have the largest Bitcoin supply in 2022. All in all, according to the chart published, these wallets now hold nearly 12% of the total Bitcoin supply. Over the past 20 weeks, these whales have increased their Bitcoin storage by 12.8%.

Bitcoin believers unfazed by economic downturn

Bitcoin has always been an asset that has a strong group of supporters behind it. These enthusiastic investors are hodlers, who have held on to the asset through thick and thin, including multiple massive crashes. One of them is Michael Saylor of MicroStrategy. He has said that once you understand the fundamentals of the asset, Bitcoin's short-term volatility is irrelevant. Many investors would be inclined to agree with him. There are other signs that investors believe Bitcoin is undervalued. According to a report from the Arcane Research team , Bitcoin ETPs saw a large inflow of funds in May despite the market crash, with a total of 9,765 Bitcoins flowing in. Inflows into Bitcoin ETPs are also expected to be favorable by June, with global holdings reaching an all-time high of 205,008 Bitcoins.

Although Bitcoin has an upward trend, according to glassnode data, Bitcoin miners have continued to sell Bitcoin recently. When Bitcoin fell to $26,000 in May, miners accelerated their selling of Bitcoin. These miners predicted that the price of Bitcoin would fall further, and in order to preserve their profits, they chose to sell; no matter what the reason, this is not a good sign and may become a reason to hinder the rise of Bitcoin.