A Sign Of What’s To Come?

Bitcoin whales have stored $90 billion worth of Bitcoin since May, a period marked by range-bound market conditions. According to an open disclosure by Axel Adler Jr. From CryptoQuant, investors who own more than 1,000 BTC have seen their balances grow rapidly.

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Pisces’ appetite grows

Over the past six months, they have raised around 1.5 million Bitcoins, representing a massive inflow of capital worth approx. 90 billion dollars With an average price of $60,000. However, these tokens came from weaker hands that were sold at a loss.

1.5 million BTC have been accumulated by whales (with a balance of over 1K BTC) over the past six months.

There’s really nothing to discuss here. pic.twitter.com/7cAVWVEK15

– Axel 💎🙌 Adler Jr. (@AxelAdlerJr) October 10, 2024

The data shows significant growth among whales, which owned just 335,000 BTC in early May when BTC was trading between $60,000 and $65,000. While prices have remained in this range, whales have continued to accumulate, and now hold around 1.9 million bitcoins, indicating strong short-term confidence among high-net-worth investors.

Netflow metrics for large owners

Recent data shows that the accumulation spree has not subsided, despite recent price corrections. For example, yesterday, Bitcoin fell below $59,000 for the first time this month, triggering massive liquidations.

Can’t believe that whales collected 1.5 million Bitcoins and wonder where they got them from?

How about taking a look at the losing sales on the stock exchanges?

In the last 24 hours, 24.1 thousand Bitcoins were sold at a loss. pic.twitter.com/tAgeCI6qhe

– Axel 💎🙌 Adler Jr. (@AxelAdlerJr) October 11, 2024

However, large shareholders, representing 0.1% of the circulating supply, received +629 BTC yesterday. Two days ago, this number was even higher, with an inflow of 2,480 BTC.

Furthermore, CryptoQuant statistics indicate that Bitcoin exchange reserves have decreased from 2.576 million tokens at the beginning of October to 2.571 million tokens, reflecting the ongoing accumulation.

Forecasting prices and their effects on the market

As of this writing, Bitcoin It was pegged at $61,690 after losing 1.68% during the week. The DMI was at +DI at 18.3 with -DI at 23.3, which was a few points higher but steadily declining.

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It simply means that despite the ongoing selling pressure, it is rather weak. Since it is currently at -40.74, the Williams %R is on the neutral side. From this perspective, Bitcoin may falter in this range until strong buying or selling pressure emerges.

Experienced analyst Peter Brandt sees that Bitcoin will reach an all-time high of $150,000 this cycle, but warns that the inability to break out of the current range will lead to the price crashing and it will fall by 75% in the worst case.

Featured image from Pexels, chart from TradingView