Bitcoin Whales Ramp Up Accumulation, Spurring Potential Bullish Surge


Recently, the renowned on-chain analytics company, Santiment, shed light on an intriguing Bitcoin indicator that has consistently been a lead performer in the field of cryptocurrency. The aspect under focus was the collective volume ensnared by Bitcoin stakeholders possessing a minimum of 10 BTCs in their digital wallets.

At the ongoing exchange rate into real currency, this threshold equals around $683,000. Therefore, the holders of this hefty sum or more are in a higher league compared to typical retail holders.

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Major players, labeled as ‘sharks’ and ‘whales,’ in the cryptocurrency ocean fall into this category. Given their clout and persuasive roles, keeping abreast with their investments movements might prove to be rewarding.

Although the investors in the 10+ BTC domain are not exclusively made up of these high-net-worth entities, the trend in their holdings would indeed manifest at least some activity of these key stakeholders.

The collective holdings of the investors who fit this profile has been trending upwards over the recent years. As shown in the accompanying chart, the Bitcoin property retained by this investor group has started to climb, suggesting that the bigwigs are actively accruing more assets.

According to the data interpretation by Santiment, there appears to be a repetitive pattern between the Bitcoin market price and the actions of investors in this cadre. Their studied commentary explains when these key players accumulate, the cryptocurrency value swells. However, if they liquidate, the market tends to bear the brunt of it.

The same trend can be spotted in the accompanying chart — from October 2019, this group’s holdings began to rise and continued to buoy along with the bull market spree in 2021. In the early part of 2022 however, their combined Bitcoin holdings were seen sharply declining, which contributed to a bearish market.

This downturn came to a halt only after the November 2022 FTX crash, following which the aggregated holdings of these key players remained stagnant throughout 2023. However, towards the year’s end, the metric showed signs of resurgence in an upward direction.

This accumulation trend is believed to have been triggered by the impending approval of a spot exchange-traded fund (ETF) in January. Furthermore, post-ETF approval, these key investors maintained their buying interest, which eventually led to a rally achieving the new all-time high (ATH).

Despite Bitcoin’s recent fluctuations, the above-mentioned trend has not changed, indicating a possible bullish surge in its future if history is any lesson to go by.

At the moment, Bitcoin appears to have reverted to a flat trajectory with its value trading around $68,300. The coin’s price has exhibited little variation over the past few days.