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Bitcoin rises as whale holdings hit record levels

Bitcoin rises as whale holdings hit record levels

GrafaGrafa2024/10/25 10:37
By:Isaac Francis

Bitcoin's (CRYPTO:BTC) price has surged past $68,000 after finding strong support at $65,500.  

This rise comes amid an increase in the number of Bitcoin (BTC) held by large holders, known as whales.  

In the last two weeks, 297 new whale wallets holding over 100 BTC have emerged, indicating growing confidence in the asset and hinting that the recent correction phase might be over.  

According to data from crypto analysis platform CryptoQuant, the total amount of BTC held by whales has reached an all-time high of 670,000 BTC.  

This trend is often seen as a sign of optimism among large investors, as they typically accumulate before significant price rallies.  

However, CryptoQuant warned that periods of increased whale holdings can sometimes lead to short-term price stagnation or minor corrections, referring to this as a "calm before the storm" scenario.  

Meanwhile, data from Santiment reveals that while new whale wallets have grown, smaller wallets with less than 100 BTC have decreased by 20,629.  

This shift suggests that smaller investors may have engaged in panic selling, allowing larger holders to recover their positions. 

BlackRock’s Bitcoin ETF, IBIT, has also contributed to this bullish sentiment.  

Over the past nine trading days, the ETF has accumulated around 30,000 BTC, now holding more than 2% of the total circulating supply at 399,355 BTC.  

The robust ETF flows indicate strong institutional demand for the asset.  

However, caution remains.  

Analysts at CryptoQuant urge investors to closely monitor the market, particularly the $69,000 price resistance level.  

If Bitcoin fails to reach a new all-time high before the upcoming U.S. presidential elections, some fear it could signal weaknesses in the current bullish cycle.

At the time of reporting, the Bitcoin price was $67,694.20.

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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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