Bitcoin whales have accumulated $90 billion worth of BTC since May, a period marked by limited market conditions. According to an open disclosure from Axel Adler Jr. of CryptoQuant, investors holding more than 1,000 BTC have seen rapid growth in their balances.
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Whale appetite increases
Over the past six months, they have accumulated around 1.5 million BTC, representing a massive inflow of capital worth approximately US$90 billion at an average price of $60,000. However, these tokens came from weaker hands who sold at a loss.
1.5 million BTC have been accumulated by whales (with over 1 thousand BTC in balance) in the last 6 months.
There’s really nothing to discuss here. pic.twitter.com/7cAVWVEK15
-Axel ππ Adler Jr (@AxelAdlerJr) October 10, 2024
The data shows significant growth among whales, who held just 335,000 BTC in early May when Bitcoin traded between $60,000 and $65,000. Although prices have remained in this range, whales have continued to accumulate and now hold around 1.9 million BTC, indicating strong near-term confidence among high net worth investors.
Netflow metrics of large holders
Recent data shows that the wave of accumulation has not cooled down despite recent price corrections. For example, yesterday, BTC fell below $59K for the first time this month, leading to massive liquidations.
Don’t believe that whales have accumulated 1.5 million BTC and wonder where they got it from?
How about taking a look at the deficit sales on exchanges?
In the last 24 hours, 24.1 thousand BTC were sold at a loss. pic.twitter.com/tAgeCI6qhe
-Axel ππ Adler Jr (@AxelAdlerJr) October 11, 2024
Even so, large holders, who account for 0.1% of the circulating supply, raised +629 BTC yesterday. Two days ago, this number was even higher, with an inflow of 2,480 BTC.
Furthermore, statistics from CryptoQuant indicate that Bitcoin’s foreign exchange reserve has fallen from 2.576 million tokens in early October to 2.571 million tokens, reflecting continuous accumulation.
Price Forecast and Market Implications
As of this writing, Bitcoin it was pegged at US$61,690, having lost 1.68% for the week. DMI had +DI at 18.3 with -DI placed at 23.3, which was a few points higher, but continually declined.
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It simply means that despite the incessant selling pressures, they are somewhat weak. Currently at -40.74, Williams %R is on the neutral side. From this point on, Bitcoin could be stuck in this range until strong buying or selling pressure arises.
Experienced analyst Peter Brandt claims that Bitcoins will reach an all-time high of $150,000 this cycle, but warns that the inability to break out of the current range will cause the price to shatter and fall a lot, 75% in the worst case.
Featured image from Pexels, chart from TradingView