Bitcoin (BTC) 
$67,537 The price climbed above $68,000 today after gaining support at the $65,500 level. This increase occurred as the amount of BTC held by whales reached a new peak. Over the last two weeks, the number of whale wallets holding more than 100 BTC increased by 297. The increase recorded in this short period of time shows that confidence in the asset class has increased and the BTC correction may be behind us.
Increase in Whale Wallets
Bitcoin whale holdings have reached an all-time high, with over 670,000 BTC held by this group. This development may bring a new wave of optimism to the market, especially among Bitcoin investors.
“When BTC whale holdings turn positive, BTC price usually experiences a moderate decline or moves sideways,” said crypto analysis platform CryptoQuant. CryptoQuant stated that this is the calm before the coming storm in the medium to long term.
“The real increase in Bitcoin growth begins until the whales gradually reduce their holdings and reach negative exchange values.”
Another platform, Santiment, confirmed that 297 new Bitcoin whale wallets worth over 100 BTC have emerged in the last two weeks. He stated that the number of wallets under 100 BTC decreased by 20,629. The largest holders have rallied after panic selling and dumping by individual investors, which often leads to bull market outcomes.
Strong Increase in ETF Flows
ETF flows remain solid, led by the BlackRock Bitcoin ETF. BlackRock’s IBIT product accumulated nearly 30,000 Bitcoins over nine consecutive trading days. It currently holds more than 2% of the circulating BTC supply, i.e. 399,355 BTC.
“BlackRock’s iShares Bitcoin Trust (IBIT) now holds over 2% of the $BTC supply in circulation.”
After BTC price rejected the $69,000 level again, retail investors are taking a cautious stance on the next BTC move. While Bitcoin price regains lost strength, it must break above $69,000 to resume the uptrend.
Is BTC Correction Left Behind?
Despite the positive developments in whale wallets, CryptoQuant issues a warning to investors. The company noted that if the Bitcoin price cannot set a new all-time high before the upcoming US presidential election, there could be significant problems in the current bull cycle.
“When Bitcoin is in a seriously bull market, it rarely offers recoveries,” Justin Bennett said.
Therefore, investors are advised to carefully monitor future developments when creating new positions for Bitcoin.
Increasing the amount of BTC held by Bitcoin whales could have a positive impact on the market. However, it should not be forgotten that the price must exceed certain levels in order to show a sustainable rise. It may be beneficial for investors to create their strategies by taking market dynamics into consideration.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
