PiCK
[Analysis] Bitcoin Whales Accumulate 54,400 BTC in Two Months as Price Stays Rangebound
Summary
- Over the past two months, whales holding more than 100 Bitcoin bought about 54,400 additional Bitcoin.
- Over the same period, smaller investors holding less than 100 Bitcoin sold about 27,400 Bitcoin.
- With the on-chain indicator SOPR remaining below 1 and stop-loss selling continuing, the key test is whether Bitcoin can break out of the $62,000 to $65,000 range.
Forecast Trend Report by Period
Bitcoin investors holding large amounts of the token have accumulated heavily over the past two months, even as the cryptocurrency remains stuck in a trading range.
On Aug. 14, CryptoQuant contributor Woo Min-kyu wrote that holders of more than 100 Bitcoin had purchased about 54,400 additional tokens since June 14.
Smaller investors reduced their holdings over the same period. According to the report, investors holding less than 100 Bitcoin sold about 27,400 tokens.
Even so, on-chain indicators have yet to show a clear bullish reversal. The seven-day moving average of SOPR remains below the baseline of 1, indicating that Bitcoin is still seeing stop-loss selling.
Woo added that the whale accumulation signal that emerged in June remains valid, but has yet to confirm a clear upside breakout. He said investors need to watch whether SOPR can hold steadily above 1 and whether Bitcoin can break out of the $62,000 to $65,000 range.
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