Bitcoin whales holdings with over 10,000 BTC have reached a new six-year high showing that they have been buying at every dip. BTC price reverse trajectory surging back above $56,500.
While the Bitcoin price has been seeing strong selling pressure in the past few weeks, the whales have been making the most of this opportunity. Bitcoin wallets with holdings of over 10K+ BTC have accumulated the most in the past six weeks, thereby taking their holdings to six-year highs.
As per on-chain data provider Santiment, the Bitcoin whales have significantly benefitted from the recent BTC price volatility over the past few weeks. These large addresses, predominantly owned by exchange liquidity providers, have accumulated an additional 212,450 BTC during this period. As a result, they have increased their total Bitcoin holdings over the past few weeks.
Courtesy: Santiment
This shows that despite the current selling by Bitcoin miners, the whale cohorts have been trying to absorb the supply partially. However, it’s not that the mega whales have been alone accumulating the BTC. Bitcoin small whale cohorts with over 10+ coins have also been absorbing the supply.
According to on-chain data provider Santiment, wallets holding over 10 Bitcoin have reached an all-time high, accumulating a total of 16.17 million BTC. This accumulation signals growing confidence in Bitcoin’s future among these larger holders.
The BTC Price Action
After facing heavy selling pressure on Thursday. the Bitcoin price has bounced back once again. As of press time, the BTC price has jumped 4.5% from yesterday’s low of $53,500 and is currently trading at $56,500 with a market cap of $1.114 trillion.
The recent Bitcoin surge is basically due to strong inflows in spot Bitcoin ETFs on Friday. After facing some minor outflows earlier this week, the Bitcoin ETFs recorded $143 million in inflows on Friday, with Fidelity leading the show. These inflows clearly suggest that institutions have been scooping the supply amid the current market fall.
However, it will be interesting to see whether Bitcoin bulls can take charge further from here or will the bears continue to dominate. For Bitcoin to resume the rally, the bulls must take the BTC price above $61,000.
Risk Disclaimer Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
