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Bitcoin price gains expected as whales accumulate 1.5M BTC

Bitcoin price gains expected as whales accumulate 1.5M BTC

GrafaGrafa2024/10/12 03:05
By:Isaac Francis

Bitcoin (CRYPTO:BTC) whales have continued to accumulate significant amounts of Bitcoin (BTC), even as the cryptocurrency’s price dipped below $60,000.

According to data from on-chain analytics platform CryptoQuant, over 1.5 million BTC has been accumulated by whales holding more than 1,000 BTC each over the last six months.

Axel Adler Jr., a contributor to CryptoQuant, confirmed this trend, stating, “1.5M BTC has been accumulated by whales with more than 1K BTC on balance over the last 6 months. There’s really nothing to discuss here.”

He noted that while some smaller whales, holding less than 1,000 BTC, have been selling, larger whales have consistently increased their positions.

The data also shows that short-term holders (STHs), who typically hold Bitcoin for up to 155 days, have been selling at a loss.

Adler explained that many of these short-term investors sold their holdings as Bitcoin prices dropped below $60,000.

He stated, “In the last 24 hours, 24.1K BTC were sold at a loss,” indicating that whales have likely been buying these coins.

Another CryptoQuant contributor, DarkFost, emphasized the importance of whale activity in the current price range between $54,000 and $68,000, calling the accumulation “significant.”

He noted that new whales are entering the market while existing whales continue to strengthen their positions.

DarkFost concluded, “Their growing balances suggest that a potential upward move could be on the horizon, either in the mid-term or long-term.”

This indicates that Bitcoin’s price may soon see a rise as whale accumulation continues.

At the time of writing, the Bitcoin price was $62,919.99.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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