Bitcoin Whales Add 113,950 BTC in Two Months, Bolstering Rally

Large Bitcoin investors holding 100 to 1,000 BTC have bought more than 110,000 additional Bitcoin over the past two months, data showed.

According to on-chain analytics firm Santiment on September 23, wallets holding 100 to 1,000 BTC added a combined 113,950 BTC since July 15. Their holdings rose 2.22% over that period to about 5.24 million BTC.

Santiment said accumulation by those wallets is one of the key indicators for gauging Bitcoin's future direction. Based on data from the past five years, changes in assets held by wallets with 100 to 1,000 BTC have shown a strong correlation with price trends in the digital-asset market.

In particular, accumulation by those investors has frequently been observed just before Bitcoin prices turned bullish or while an upward trend was continuing. That means buying by investors managing large sums of capital can be interpreted as a signal supporting further market gains.

Bitcoin has also posted a sharp rise since mid-August, while holdings in those wallets have steadily increased over the same period. Santiment said the recent price gains have been supported not only by optimism among retail investors, but also by continued buying from large, well-funded investors.

Still, accumulation by large investors alone is not enough to conclude that prices will keep rising. Santiment said large-wallet accumulation becomes a more useful market indicator when assessed alongside retail investor sentiment, the market's level of fear and exchange flows.