Key Points
- Bitcoin whales have accumulated significant holdings, viewing the current price as an opportunity.
- The crypto market speculates Bitcoin could reach a new all-time high by the end of Q4.
Bitcoin whales have increased their holdings significantly, seeing the present price as a buying opportunity.
The crypto market is rife with speculation that Bitcoin could reach a new peak by the end of the fourth quarter. After a rally of over 10% in the past week and breaking through the $66K resistance, the market sentiment is optimistic.
Bitcoin Whales and Market Stability
Despite the volatility added by perpetual traders, a hidden pattern that could make Bitcoin more resistant to sudden price swings has been identified. New Bitcoin whale wallets now control approximately 2 million BTC, valued at $132 billion. These wallets, each containing over 1K BTC, have seen an 813% increase year-to-date.
This accumulation, excluding miners and exchange wallets, shows that more individual wallets are becoming Bitcoin whales. This trend is noteworthy as Bitcoin nears a key psychological level. The aggressive buying by Bitcoin whales could suggest the current price as a potential market bottom.
Moreover, this accumulation helps counterbalance the pressure from the derivatives market, where short positions often exceed long ones, acting as a significant resistance against Bitcoin peaks.
STHs and Market Speculation
In addition to Bitcoin whales, there has been a surge in demand for BTC from STHs in the past 18 days. This increase is significant as STHs typically sell their holdings when BTC reaches a market top. However, the current demand from both STHs and Bitcoin whales suggests that they view the current price as a dip, positioning themselves for potential 10x returns.
Market indicators suggest that Bitcoin may be on the verge of a parabolic run, potentially leading to a new all-time high before this cycle ends. The increasing number of Bitcoin whales supports this analysis and could help withstand the volatility caused by speculative traders. Overall, this trend reflects the market’s growing maturity, showing that investors no longer view Bitcoin as a speculative gamble.