Bitcoin Whales Ramp Up Accumulation: What’s Next For BTC Price?
2024-10-17


Bitcoin whales are accumulating BTC, spurring a massive price jump amid positive sentiments. On-chain data shows wallets of large holders increasing assets as buying pressure mounts against impatient holders. At press time, Bitcoin’s price trades at $67,844, a massive short-term jump as fresh institutional and retail funds flow into the space.
Bitcoin Whales Hold Over 3.9 Million BTC
Recently, wallets with huge amounts of Bitcoin have amassed more tokens from smaller holders. A new report from on-chain analytics firm CryptoQuant shows that institutional wallets accumulated 67,000 BTC in a 30-day window, bringing their total holdings to 3.9 million BTC. 
These wallets exclude miners and crypto exchanges known for their large individual holdings. Intense buying pressure was recorded on Coinbase and Bitfinex, while Binance, the largest exchange by trading volume, and Bybit posted lower numbers. Crypto exchanges and miners’ movements are popular for swinging sentiments to large amounts of assets.
“This disparity reveals a dynamic where large investors continue to absorb coins while small investors have been reducing their positions due to the sideways price movement. This type of action usually leads to the exhaustion of the retail selling force, which will seek to buy back BTC at higher prices when market sentiment improves.”
According to CryptoQuant’s researchers, institutional investors have been ramping up assets and taking new positions, which may lead to distribution in the price surge.
BTC Price Moves Upward
The wider crypto market has recorded price upticks in the last seven days. A major driver is the trajectory of the crypto leader in the market. Bitcoin is up 7% this week continuing an impressive 30-day movement while soaring above $66,000. This price surge has been likened to Q1 momentum after the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) which saw prices hit an all-time high.
Macroeconomic factors like global policy rate cuts due to lowering inflation have seen funds flow to risky assets. Traditionally, interest rate cuts lead to a wider growth in Bitcoin and altcoins. The United States Presidential election is another positive driver in the market as both Donald Trump and Kamala Harris hint at friendly crypto rules. Recently, Trump rolled out plans for the industry, including his non-fungible tokens and decentralized finance (DeFi) project.