Bitcoin Whales Accumulate Record BTC as Market Approaches Highs

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Bitcoin whales have hit a noteworthy milestone by accumulating 670,000 BTC, marking the highest level of whale holdings ever recorded, as noted in a report by crypto analytics firm CryptoQuant.

Although Bitcoin has seen a minor pullback recently, it has remained stable between $66,000 and $69,000 for the past ten days, hinting at a potential upward movement as it strives to surpass its record high of $73,000.

This accumulation by Bitcoin whales is critical and regarded as a bullish indicator, consistent with historical patterns where whale buying often foreshadows significant price increases.

The chart depicting whale holdings from 2015 to 2024 clearly illustrates this trend. The blue shaded region, representing the annual change in total whale holdings, has noticeably increased in recent months, indicating a substantial acquisition by these large investors.

Historically, periods of similar buying activity, such as those in 2016-2017 and 2020-2021, were typically followed by considerable increases in Bitcoin’s price.

The chart includes a 365-day Simple Moving Average, which shows a significant uptick in whale purchases, suggesting sustained interest in Bitcoin among major investors.

Per the chart from CryptoQuant’s report, the actual growth phase for Bitcoin generally starts when whales gradually decrease their holdings, reaching negative percentage change values.

While whale accumulation suggests a favorable outlook, Bitcoin’s price continues to trend sideways, a common pattern during previous accumulation phases.

This trend lends credence to the idea that whales are strategically positioning themselves for potential medium- to long-term gains.

The accumulation phase indicates a positive outlook for Bitcoin; however, if new record highs are not achieved by late November, particularly around the US elections, it might signal difficulties ahead in the bull cycle.