Bitcoin Whales Accumulate 3.9M BTC, Spurring a Massive Price Jump Amid Positive Sentiments
- Susan SarandonOriginal
- 2024-10-17 03:48:10876browse
On-chain data shows wallets of large holders increasing assets as buying pressure mounts against impatient holders.
Bitcoin whales, or wallets with large amounts of BTC, have been accumulating more tokens from smaller holders. A new report from on-chain analytics firm CryptoQuant shows that institutional wallets, excluding miners and crypto exchanges, known for their large individual holdings, have amassed 67,000 BTC in a 30-day window, bringing their total holdings to 3.9 million BTC.
These numbers show that smaller holders have been selling their assets due to the sideways price movement, which began after Bitcoin’s rally to $66,000. This type of action usually leads to the exhaustion of the retail selling force, which will then seek to buy back BTC at higher prices when market sentiment improves.
According to CryptoQuant’s researchers, institutional investors have been ramping up assets and taking new positions, which may lead to distribution in the price surge.
The wider crypto market has recorded price upticks in the last seven days. A major driver is the trajectory of the crypto leader in the market. Bitcoin is up 7% this week continuing an impressive 30-day movement while soaring above $66,000.
This price surge has been linked to Q1 momentum after the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), which saw prices hit an all-time high.
Moreover, macroeconomic factors like global policy rate cuts due to lowering inflation have seen funds flow to risky assets. Traditionally, interest rate cuts lead to a wider growth in Bitcoin and altcoins.
The United States Presidential election is another positive driver in the market as both Donald Trump and Kamala Harris hint at friendly crypto rules. Recently, Trump rolled out plans for the industry, including his non-fungible tokens and decentralized finance (DeFi) project.
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