Analysis: Bitcoin Whales Accumulate 86,702 BTC in Three Weeks, Boosting Odds of a Break Above $90,000
Summary
- Santiment said Bitcoin is approaching $90,000, while whale wallets added 86,702 BTC over the past three weeks, lifting their holdings to the highest level since April 23.
- The firm said wallets holding less than 0.01 BTC are taking profits, while larger whale and 'shark' investors are increasing their holdings.
- Santiment said the current supply-and-demand pattern, with strong hands buying more Bitcoin, is a positive signal for price action and raises the chances of a break above $90,000, though it does not guarantee further gains.
Forecast Trend Report by Period
Bitcoin is approaching the $90,000 level, with major whale investors accumulating more than 86,700 BTC over the past three weeks.
Santiment, a cryptocurrency analytics firm, said on Oct. 6 that wallets holding between 10 BTC and 10,000 BTC added a combined 86,702 BTC during the period.
That lifted the group’s Bitcoin holdings to their highest level since April 23. Santiment said changes in holdings among these large wallets have historically shown a strong correlation with Bitcoin’s price trend.
By contrast, wallets holding less than 0.01 BTC are showing signs of profit-taking. As Bitcoin rises, whale and so-called shark investors are increasing their holdings while retail investors are selling, the firm said.
Santiment said this supply-and-demand backdrop could be a positive signal for Bitcoin’s price. In past instances, further gains followed periods when relatively well-capitalized investors absorbed selling from retail traders.
“Strong hands are adding Bitcoin while smaller investors are selling into the rally,” Santiment said. “This pattern has often favored further price gains.”
The firm added that a move above $90,000 in the near term now appears more realistic than before. It cautioned, however, that no price advance is guaranteed in the cryptocurrency market.
