- 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.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
