Bitcoin Whale Holdings Hit Record High, Sparking Market Optimism
Bitcoin has recently rebounded above $68,000 after finding solid support at $65,500, coinciding with a surge in whale holdings that have reached an all-time high.
In just two weeks, the number of wallets holding over 100 BTC has increased by 297, indicating rising confidence in the cryptocurrency and suggesting the recent correction may have ended.
Currently, whale holdings exceed 670,000 BTC, which could signal a positive outlook for Bitcoin investors. CryptoQuant notes that when whale holdings rise, Bitcoin’s price often stabilizes or slightly declines, serving as a precursor to future price movements. They also observed that significant growth for Bitcoin typically occurs when whale holdings decrease to a negative percentage change.
Further analysis from Santiment confirmed the emergence of 297 new whale wallets while smaller wallets (holding under 100 BTC) decreased by 20,629. This trend suggests that larger holders are consolidating their assets, historically a bullish indicator.
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Microsoft Shareholders to Vote on Bold Bitcoin Investment ProposalAdditionally, Bitcoin ETFs are experiencing strong inflows, particularly BlackRock’s Bitcoin ETF, which has accumulated nearly 30,000 BTC over nine consecutive trading days, now holding over 2% of the total circulating supply.
Despite the recovery, retail investors are cautious after Bitcoin’s recent rejection at the $69,000 level. To maintain upward momentum, it needs to surpass this price point.
CryptoQuant cautions that if Bitcoin fails to reach a new all-time high around the upcoming U.S. presidential elections—expected in late November—it could indicate challenges in the current bullish cycle. Analyst Justin Bennett also highlighted that genuine bullish trends usually do not offer many retracements, which is currently not the case.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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