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Cryptocurrency News Articles
Bitcoin (BTC) Whale and Institutional Holdings Soar to New Highs, Signaling Big Moves on the Way
Oct 26, 2024 at 09:00 am
Bitcoin [BTC] has been showing signs of increased activity especially in the whale and institutional classes. These two categories arguably have the
Bitcoin (BTC) price has maintained a bullish outlook over the last six weeks, finally managing to stay above the $60,000 level. This latest rally has been smoother than usual, and one factor contributing to this could be the strong institutional involvement.
The shifting sentiment around BTC has made it more appealing, and this is evident in the surge in institutions holding the cryptocurrency. According to recent data from Glassnode, entities holding over 1,000 BTC pushed above May 2022 levels.
The same category of Bitcoin (BTC) holders saw a significant decline which leveled out in May last year. This indicates that they have been aggressively accumulating, but the momentum seems to have slowed down between May and August.
Bitcoin whale holdings reach new highs
The pace of the upside seems to have regained an upward trajectory since September. This also aligns with data on whale activity which has also been soaring.
Bitcoin (BTC) whales reportedly held over 670,000 BTC as per the latest data, which is the highest amount that the whale category has ever held. According to CryptoQuant analyst BaroVirtual, this observation could be a sign of accumulation before a major move.
Bitcoin whale holdings pivoted in 2023 and the continued accumulation recently pushed above 2021 highs. One of the most common observations on both institutional and whale activity is that it has been growing rapidly in the last 2 months.
Bitcoin-related transactions have thus been higher, necessitating more network capacity. Bitcoin miners have responded to this surge in network activity by boosting their operations.
As a result, the Bitcoin hash rate recently pushed to its highest level at 918.72 TH/s. The network achieved this feat on Monday, 21st October, this week. This hash rate all-time high (ATH) suggests that miner profitability has been quite high.
The impact of the latest surge in demand for BTC was evident in the price action. Bitcoin has been moving within a bullish flag pattern since March.
The latest bullish momentum appeared to have pushed it above the resistance range, suggesting that more potential upside may occur in the coming months.
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