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After taking support at the $65,500 level, the BTC price has bounced back above $68,000 today as the Bitcoin whale holdings hit a new all-time. Over the past two weeks, the whale wallet held more than 100 BTC have grown by the count of 297 wallets. This is a significant milestone in a very short period of time showing greater confidence in the asset class and hinting that the BTC correction could be behind us.
Bitcoin Whale Wallets on the Rise
The Bitcoin whale holdings have reached an all-time high as this cohort holds more than 670,000 BTC. This development can usher in a fresh wave of optimism in the market, particularly among Bitcoin investors.
Crypto analytics platform CrypoQuant stated that whenever the BTC whale holdings turn positive, the BTC price usually sees a moderate fall or tends to move sideways. It noted that this represents the calm before the storm about to arrive in the medium to long term. CryptoQuant added:
“The real surge in Bitcoin growth begins after whales gradually reduce their holdings until they reach negative percentage change values”.
Courtesy: CryptoQuant
Another platform Santiment confirmed that 297 new Bitcoin whale wallets, with over 100 BTC, popped up in the last two weeks, and the amount of wallets with under 100 BTC has shrunk by 20,629 wallets. with the largest holders consolidating their holdings after the dumping and panic sell-off from retail traders, it usually leads to bullish outcomes.
On the other hand, the ETF inflows have been solid with BlackRock Bitcoin ETF leading the pack. BlackRock’s IBIT has stacked nearly 30,000 Bitcoin in nine consecutive trading sessions. Thus, it now holds over 2% of the BTC circulating supply with 399,355 BTC in its kitty.
BlackRock’s iShares Bitcoin Trust (IBIT) now holds over 2% of the $BTC circulating supply.
Notably, #BlackRock has been buying #Bitcoin for 9 consecutive trading days, totaling 29,714 $BTC ($1.99B).
This brought this ETF’s current holdings to 399,355 $BTC ($27.16B), or over 2%… pic.twitter.com/irnmq74Cjc
— Spot On Chain (@spotonchain) October 25, 2024
Is the BTC Correction Behind Us?
Following the Bitcoin price rejection at $69,000 once again, retail investors have turned cautious over the next BTC move. Although the Bitcoin price is regaining the lost ground, it still needs to cross past $69,000 to sustain the uptrend.
Despite the positive development of the rising Bitcoin whale wallets, CryptoQuant has a caution for investors. they noted that if Bitcoin’s price fails to set a new all-time high around the upcoming U.S. presidential elections, by November 28 ±21 days, it could signal significant issues with the current bull cycle.
Another crypto analyst Justin Bennett explained three pointers with the current price action. He stated that when Bitcoin is seriously bullish, it rarely offers resets, unlike now.
Everyone is talking about this $BTC “breakout,” but there are three problems here.
1⃣ This trend line is cutting off candle bodies.
2⃣ Trend lines are subjective and open to confirmation bias (hence the first problem).
3⃣ When #Bitcoin is seriously bullish, it rarely offers… pic.twitter.com/kuXBHIAnqj
— Justin Bennett (@JustinBennettFX) October 24, 2024
Thus, investors should be watchful of future developments while building new positions for Bitcoin.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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