Bitcoin Whale Accumulation Reaches Record High
24 Oct, 2024 ● Crypto News
The price of Bitcoin has rebounded quickly to over $67,000, marking a 3% rise after a dip to $65,200.
Despite this recent pullback, the metric for long-term Bitcoin accumulation sentiment has remained stable as BTC whale holdings reached record levels.
BaroVirtual, a verified Bitcoin researcher on CryptoQuant, pointed out that whale holdings have hit a new all-time high (ATH) of around 670,000 BTC.
The data shows a steady increase throughout 2024, with whales surpassing their previous ATH set in 2020 as of July.
Addressing the current surge in whale holdings, the researcher noted it is a positive long-term indicator, explaining, “This accumulation phase can be characterized as calm before the storm in the medium and long term.”
BaroVirtual also mentioned that BTC’s price may often stabilize when whale holdings reach new peaks, yet this accumulation creates greater demand during a bull market.
Typically, Bitcoin’s parabolic price gains occur when whales start to reduce their holdings, as retail investors absorb the selling pressure left in the market.
Cointelegraph previously reported a similar pattern in 2020, where Bitcoin whale accumulation led to a substantial rally.
Recently, whale wallets on spot exchanges accumulated over 1.5 million BTC in the past six months, mirroring the 2020 trend.
On October 22, Bitcoin ETFs experienced a net negative flow of $79.1 million following a 3% BTC price drop the day before.
Although a cooling period from institutions was anticipated, ETF inflows then rose sharply to $192.4 million on October 23, signaling sustained bullish interest from institutions despite short-term declines.
In addition, Moustache, an independent crypto analyst, highlighted Bitcoin’s “golden moment” indicator, which recently turned bullish.
This indicator has accurately predicted the start of a bullish phase four times in the last four years, making it a trusted tool.
From a technical standpoint, Bitcoin rapidly recovered above $67,000, forming a V-shaped rebound from the initial order block or demand zone.
Currently, BTC’s price is behaving as anticipated, with further bullish confirmation expected if a daily candle moves above the key resistance level at $67,800.
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