Bitcoin’s whale activity is making waves in the crypto community. Recently, the number of Bitcoin wallets holding 100 BTC or more has surged to a 17-month high. This increase comes as smaller traders are feeling the pinch and liquidating their holdings. Over the past month, more than 283 wallets have joined the ranks of those holding significant Bitcoin amounts, pushing the total to 16,120.
This uptick in whale activity could signal various market implications. As the price of Bitcoin dipped from over $62,000 to around $58,000 at the end of August, these large holders have been on a buying spree. Blockstream CEO Adam Back noted that whales have been purchasing 450 BTC per day since the dip, mirroring the daily Bitcoin mining output.
Santiment’s data suggests that this whale accumulation is partly due to smaller traders being forced to sell at a loss as Bitcoin’s price falls below their entry points. This trend is reflected in the Crypto Fear & Greed Index, which remains in the “Fear” zone, indicating market unease.
Despite the current fear in the market, some analysts, like Vivek Sen from Bitgrow Lab, view the increased whale buying as a positive sign. Historically, such significant whale accumulation has often preceded new all-time highs for Bitcoin. So, while smaller traders may be fleeing, the whales seem to be gearing up for a potential bull run.
