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Bitcoin whales have amassed $90 billion in BTC since May, a period marked by mixed market conditions. According to the open disclosure of Axel Adler Jr. of CryptoQuant, investors holding more than 1,000 BTC have seen rapid growth in their balances.
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The Lust of the Whale Grows
In the past six months, they have accumulated about 1.5 million BTC, which represents a huge inflow of money worth about 90 billion dollars at an estimated value of $60,000. However, these tokens come from weak hands that are sold at a loss.
1.5M BTC has been collected by whales (with >1K BTC in balance) during the last 6 months.
Nothing to discuss here. pic.twitter.com/7cAVWVEK15
– Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 10, 2024
The data shows a significant increase among whales, who held only 335,000 BTC at the beginning of May when Bitcoin was trading between 60,000 and 65,000 dollars. While prices remain in that range, the whales have continued to rally, and now hold around 1.9 million BTC, indicating a short-term strong confidence among high net worth investors.
Netflow Metrics for Large Owners
The latest data shows that the accumulation has not yet cooled, despite the recent price correction. For example, yesterday, BTC dropped below $59K for the first time this month, leading to a massive liquidation.
Can you believe that whales have accumulated 1.5M BTC and wonder where they got it?
What about looking at sales that make losses in trading?
In the last 24 hours, 24.1K BTC were sold at a loss. pic.twitter.com/tAgeCI6qhe
– Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 11, 2024
Nevertheless, the largest holders, who account for 0.1% of the circulating supply, received 629 BTC yesterday. Two days ago, this figure was even higher, with an influx of 2,480 BTC.
In addition, CryptoQuant’s statistics show that Bitcoin’s reserve has dropped from 2.576 million tokens in early October to 2.571 million tokens, indicating continued accumulation.
Price Forecasting and Market Results
As of this writing, Bitcoin is listed at $61,690 with a loss of 1.68% for the week. DMI had a +DI standing at 18.3 and a -DI set at 23.3, which is a few points higher but steadily declining.
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It just means that despite the constant sales pressures, they are somewhat weak. As it currently stands at 40.74, Williams %R is on the neutral side. From this point on, Bitcoin may be stuck in this range until buying or selling pressure appears.
Experienced analyst Peter Brandt concluded that Bitcoins will reach an all-time high of $150,000 in this cycle but warns that failure to break out of the current range will cause the price to fall even further, by 75% at worst.
Featured image from Pexels, chart from TradingView