Bitcoin Whales Hoard $90 Billion in BTC Amidst Market Range-Bound Conditions. Axel Adler Jr. of CryptoQuant reveals that investors holding over 1,000 BTC have seen significant balance growth since May.
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Whale Accumulation Soars
In the last six months, whales have accumulated 1.5 million BTC, equating to an inflow of capital totaling around $90 billion at an average price of $60,000. These acquisitions primarily came from weaker hands selling at a loss.
1.5M BTC has been accumulated by whales (with >1K BTC on balance) over the last 6 months.
There’s really nothing to discuss here. pic.com/7cAVWVEK15
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 10, 2024
Whales, who previously held 335,000 BTC in early May, have now accumulated approximately 1.9 million BTC, showcasing strong short-term confidence among high-net-worth investors as Bitcoin traded between $60,000 and $65,000.
Netflow Metrics Of Large Holders
Despite recent price corrections, whale accumulation continues unabated. Recent data points to ongoing capital inflow even amidst market fluctuations. For instance, yesterday marked a dip in BTC below $59K for the first time this month, resulting in massive liquidations.
Don’t believe that whales accumulated 1.5M BTC and wonder where they got it from?
How about taking a look at the loss-making sales on exchanges?
In the last 24 hours, 24.1K BTC were sold at a loss. pic.com/tAgeCI6qhe
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 11, 2024
Large holders, representing 0.1% of the circulating supply, gained +629 BTC yesterday. Just two days ago, this figure stood higher, with an influx of 2,480 BTC.
Additionally, CryptoQuant data indicates Bitcoin’s exchange reserve decreased from 2.576 million tokens at the beginning of October to 2.571 million tokens, indicating ongoing accumulation.
Price Prediction And Market Outlook
As of the latest update, Bitcoin was valued at $61,690, having experienced a 1.68% decrease for the week. DMI analysis reveals +DI at 18.3 and -DI at 23.3, slightly above but on a declining trend.
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Despite prevailing selling pressures, the current weak stance is evident with Williams %R at -40.74, indicating a neutral position. Bitcoin might remain range-bound until significant buying or selling activities surface.
Peter Brandt, a seasoned analyst, predicts Bitcoin hitting a new all-time high of $150,000 in this cycle but cautions that failure to break out of the current range could precipitate a substantial price drop, potentially reaching 75% at the extreme.
Featured image from Pexels, chart from TradingView
