Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders
October 13 2021 - 12:00PM
NEWSBTC
Whales have not stopped accumulating bitcoin. Current trend
patterns suggest that bitcoin whales who hold between 100 to 1,000
BTC remain very bullish on the digital asset’s prospects. The slow
month of September had seen the asset suffer dips and crashes which
brought the price down to the $40K trading range. However, whales
had used this as an opportunity to increase their holdings at a low
price. Bitcoin wallets holding between 100 and 1,000 had continued
to add to their balance and by the end of September, these wallets
had accumulated a collective total of 85.7K BTC. In today’s prices,
this amount would total $4.76 worth of BTC accumulated by whales
while retail investors panicked sold their holdings. These whale
addresses have also held on their bags through the long-suffering
month of September. Whales Increase Their Hold On Circulating
Supply As bitcoin whales accumulate more coins, the amount of the
total circulating supply of bitcoin that they hold has also
increased. Current numbers put the total supply of BTC held by
these whale wallets at 21.3% of the total circulating supply of the
asset. This number represents a new record for wallets holding
between 100 and 1,000 BTC on their balances. Related Reading
| Number Of Bitcoin Active Entities Grows 19% To Hit 2020 Bull
Levels, Set Up For New Highs? In addition to buying, whales are
also holding. 2021 marked a record number of diamond hands
(long-term holders) in bitcoin. A reported 81% of the total BTC
supply has not moved in the last three months. This metric shows
that the digital asset may be heading into a supply shock. The
amount of BTC leaving exchanges outpaces the number of coins moving
in, suggesting that investors are accumulating their assets and
moving them to safer personal storage options. Bitcoin Price
Recovers From Tuesday’s Dip Bitcoin price had fallen below the $54K
on Tuesday night after the price of the digital asset had moved
close to $58K during the day. This was attributed to traders
cashing in some gains after the asset had hit its new four-month
high. However, the asset had begun to recover about an hour after
the dip and touched north of $56K in the early morning of Wednesday
before trickling back down again. BTC price recovers to trade north
of $57K | Source: BTCUSD on TradingView.com As midweek trading
opens up, bitcoin has begun to see renewed recovery vigor. The
price had dipped again to $54K, albeit a higher low this time than
was seen in the late Tuesday dip. With whales filling up their bags
and strong hold sentiment among investors, the asset looks poised
to make another break towards $57K. Related Reading | Bitcoin
Over $100,000 Is Still Possible By Year-End, Says Research Analyst
Bitcoin is down 3.78% in the last 24 hours to be trading at $55,048
at the time of this writing. Trading volume is up in the same time
period, but the price dip saw a 3.90% loss in the market cap, which
is still holding steady above $1 trillion. Featured image from
Xycinews, chart from TradingView.com
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