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Bitcoin whales have stockpiled $90 billion worth of BTC since May, a period marked by range-limited market conditions. According to an open disclosure by Axel Adler Jr. from CryptoQuant, investors who own more than 1,000 BTC have seen rapid growth in their balances.
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Whales’ appetites are growing
Over the past six months, they have amassed approximately 1.5 million BTC, representing a massive influx of capital worth approximately $90 billion at an average price of $60,000. However, these tokens came from weaker hands that were sold at a loss.
The whales have collected 1.5 million BTC in the last 6 months (with a net balance of >1K BTC).
There’s really nothing to discuss here. pic.twitter.com/7cAVWVEK15
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 10, 2024
Data shows significant growth among whales, who held just 335,000 BTC in early May when Bitcoin was trading between $60,000 and $65,000. While prices remained within that range, the whales continued to accumulate and now own around 1.9 million BTC, indicating strong short-term confidence among wealthy investors.
Mains statistics of major holders
Recent data shows that the accumulation wave has not cooled down, despite recent price corrections. For example, yesterday BTC fell below $59,000 for the first time this month, triggering massive liquidations.
Don’t believe whales have amassed 1.5 million BTC and wonder where they got it from?
How about taking a look at the loss-making sales on stock exchanges?
In the last 24 hours, 24.1K BTC was sold at a loss. pic.twitter.com/tAgeCI6qhe
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 11, 2024
Yet large holders, representing 0.1% of the circulating supply, netted +629 BTC yesterday. Two days ago, this figure was even higher, with an inflow of 2,480 BTC.
Furthermore, CryptoQuant statistics indicate that Bitcoin’s currency reserve has fallen from 2.576 million tokens in early October to 2.571 million tokens, reflecting its continued accumulation.
Price prediction and market implications
At the time of writing it is Bitcoin was pegged at $61,690 after losing 1.68% this week. DMI had +DI at 18.3 and -DI at 23.3, which was up a few points but continually falling.
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It simply means that despite the relentless selling pressure, they are somewhat weak. As it currently stands at -40.74, Williams%R is on the neutral side. This could leave Bitcoin stuck within this range until strong buying or selling pressure arises.
Veteran analyst Peter Brandt believes that Bitcoins will reach an all-time high of $150,000 in this cycle, but warns that the inability to break out of the current range will cause the price to explode and fall far, at worst by 75 %.
Featured image from Pexels, chart from TradingView
