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Bitcoin whales have amassed $90 billion in BTC since May, a period marked by range-bound market conditions. According to an open disclosure by CryptoQuant’s Axel Adler Jr., investors holding more than 1,000 BTC have seen their balances grow rapidly.
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whale’s appetite increases
Over the past six months, they have accumulated approximately 1.5 million BTC, representing a large inflow of capital of approximately $90 billion At an average price of $60,000. However, these tokens came from weak hands that sold at losses.
1.5 million BTC has been deposited by whales in the last 6 months (with 1K BTC on balance).
There’s really nothing to discuss here. pic.twitter.com/7cAVWVEK15
– Axel 💎🙌 Adler Jr. (@AxelAdlerJr) 10 October 2024
The data shows a significant increase among whales, who held only 335,000 BTC at the beginning of May, when Bitcoin traded between $60,000 and $65,000. While prices remained in that range, whales continued to accumulate, and they now hold approximately 1.9 million BTC, indicating strong short-term confidence among high-net-worth investors.
Netflow metrics of large holders
Recent data shows that despite the recent price correction, the accumulation trend has not cooled down. For example, yesterday, BTC fell below $59K for the first time this month, causing massive liquidations.
Don’t believe whales hoarded 1.5M BTC and wonder where they got it?
How about taking a look at loss-making sales on exchanges?
In the last 24 hours, 24.1K BTC were sold at a loss. pic.twitter.com/tAgeCI6qhe
– Axel 💎🙌 Adler Jr. (@AxelAdlerJr) 11 October 2024
Nevertheless, large holders, who own 0.1% of the circulating supply, earned +629 BTC yesterday. Two days ago, the figure was even higher with an inflow of 2,480 BTC.
Additionally, data from CryptoQuant shows that Bitcoin’s exchange reserves have fallen from 2.576 million tokens at the beginning of October to 2.571 million tokens, reflecting ongoing accumulation.
Price Prediction and Market Implications
At the time of this writing, Bitcoin It was valued at $61,690, down 1.68% during the week. In DMI, +DI was at 18.3 and -DI was at 23.3, up a few points but continuing to fall.
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This simply means that they are somewhat weak despite continued selling pressure. Since it currently stands at -40.74, Williams %R is on the neutral side. Due to this, Bitcoin may remain stuck in this range until there is strong buying or selling pressure.
Veteran analyst Peter Brandt believes Bitcoin will reach an all-time high of $150,000 for this cycle, but warns that the inability to break out of the current range will result in the price breaking out and in the worst case by as much as 75%. Will go down.
Featured image from Pexels, chart from TradingView
