- Bitcoin whales reach record 670,000 BTC holdings, hinting at possible market shift and renewed optimism.
- 297 new whale wallets emerge, while smaller holders drop; large holders consolidating amid recent retail sell-offs.
- Whale accumulation pattern mirrors 2020, with BTC prices potentially stabilizing before another bull market.
Bitcoin whales now hold over 670,000 BTC. These large holdings may indicate a resurgence of hope in the Bitcoin market, especially for experienced investors.
Crypto analytics platform CryptoQuant noted that historically, an increase in whale holdings often precedes a short-term dip or period of stable prices. This trend has previously represented what some experts refer to as a calm before market momentum picks up in the medium to long term.
Source: CryptoQuant
Market Patterns and Whale Accumulation
CryptoQuant highlighted that Bitcoin’s price trend typically turns bullish after large holders gradually offload their holdings, reaching negative percentage change values. According to their data, this pattern has triggered significant growth phases in previous years.
Another analytics platform, Santiment, supported this observation, confirming a recent increase of 297 new Bitcoin whale wallets in the past two weeks. Notably, the number of wallets holding under 100 BTC shrank by almost 20,629 over the same period.
This indicates larger holders are consolidating their positions following recent retail sell-offs, an action that often precedes positive market movement.
Whale Position and BTC Price Correlation
Current data reveals that Bitcoin whale wallets surpassed their previous peak holdings from 2020 in July this year. Historical patterns suggest that when whale positions reach these levels, Bitcoin’s price may stabilize or move sideways.
However, this accumulation typically fuels demand during bull markets, signaling a potential price increase as supply tightens.
CryptoQuant’s analysis noted that these large holders have accumulated over 1.5 million BTC in the past six months, which mirrors accumulation trends from 2020.
Similarities to 2020 Trend Raise Bullish Hopes
The Bitcoin whale ratio on spot exchanges recently matched its previous high from 2020, further indicating an ongoing trend of increased whale activity. Historically, a rise in this ratio often aligns with higher accumulation levels and rising demand, especially from retail investors who absorb selling pressure.
Consequently, market experts view this ongoing accumulation as a potentially bullish signal, as Bitcoin’s price trajectory often follows this pattern during bull markets.
The post Bitcoin Whale Holdings Reach Record High of 670,000 BTC, Fueling Market Optimism appeared first on Crypto News Land.
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