Bitcoin Whales Accumulate 86,702 BTC in Three Weeks, Boosting Odds of a Break Above $90,000
Summary
- Santiment said wallets holding 10 to 10,000 BTC accumulated an additional 86,702 BTC over the past three weeks as Bitcoin approached the $90,000 level.
- Santiment said the supply-demand pattern, in which well-funded whale and “shark” investors absorb profit-taking selling from small retail investors, has historically shown a strong correlation with further gains in the Bitcoin price.
- Santiment said that with strong hands continuing to add Bitcoin, the chances of Bitcoin breaking above $90,000 look more realistic than before, though price gains in the digital-asset market cannot be guaranteed.
Forecast Trend Report by Period
Bitcoin is nearing the $90,000 level as major whale investors accumulated more than 86,700 BTC over the past three weeks.
Santiment, a digital-asset analytics firm, said on Oct. 6 that wallets holding between 10 and 10,000 BTC added a combined 86,702 BTC during that period.
That lifted the group’s Bitcoin holdings to their highest level since April 23. Santiment said changes in the balances of these large wallets have historically shown a strong correlation with Bitcoin’s price movements.
By contrast, wallets holding less than 0.01 BTC have been taking profits. The analysis suggests that as Bitcoin rises, whales and so-called shark investors are increasing their holdings while retail investors are selling.
Santiment said that supply-demand setup could be a positive signal for Bitcoin’s price. In past instances, periods in which better-capitalized investors absorbed selling from retail traders were followed by further gains.
“Strong hands are adding Bitcoin while smaller investors are selling into the rally,” Santiment said. “This pattern has often favored additional price upside.”
The firm added that a move above $90,000 now looks more realistic than before, while cautioning that gains are never guaranteed in the digital-asset market.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.