Bitcoin whale wallets, which hold more than 100 BTC, have seen a significant uptick recently, growing by 297 wallets over the past two weeks. This increase has contributed to a record high in whale holdings, which now total approximately 670,000 BTC. Analysts suggest that this development may indicate that the recent Bitcoin correction is coming to an end.
Current Bitcoin Market Overview
After finding support at $65,500, Bitcoin’s price has rebounded above $68,000. This price movement coincides with the notable growth in whale wallets, leading to renewed optimism among investors. Crypto analytics platform CryptoQuant reported that historically, positive trends in whale holdings often precede either a moderate decline or sideways price movement. This situation may signal a period of calm before a potential price surge.
Rising Whale Holdings
According to Santiment, the recent surge of 297 new whale wallets is significant. Meanwhile, wallets holding under 100 BTC have decreased by 20,629, suggesting a consolidation of holdings among larger investors. This trend typically follows panic sell-offs from retail traders and could lead to bullish outcomes in the market.
Additionally, BlackRock’s Bitcoin ETF has played a substantial role in the market dynamics, accumulating nearly 30,000 BTC over nine consecutive trading sessions. With 399,355 BTC, the ETF now holds over 2% of Bitcoin’s circulating supply, further contributing to the confidence in Bitcoin’s future performance.
Is the Correction Over?
Despite the positive signs from whale activity and ETF inflows, some analysts remain cautious. Bitcoin has faced rejection at the $69,000 mark, which raises concerns among retail investors about the sustainability of the current uptrend. CryptoQuant warns that if Bitcoin fails to reach a new all-time high around the time of the upcoming U.S. presidential elections (scheduled for November 28 ±21 days), it could indicate serious challenges for the ongoing bull cycle.
Analyst Justin Bennett has highlighted that when Bitcoin is truly bullish, it typically doesn’t offer many resets, unlike the current scenario. This indicates that investors should remain vigilant as they consider new positions in Bitcoin.
Conclusion
In summary, while Bitcoin whale holdings have reached an all-time high and ETF investments are robust, the market remains uncertain as it approaches key resistance levels. Investors are advised to closely monitor upcoming developments, particularly around the critical price point of $69,000, to gauge the potential for sustained bullish momentum in the weeks ahead.
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