Despite a recent dip in Bitcoin prices, whale investors have continued to accumulate the cryptocurrency, pushing their total holdings to an all-time high. This accumulation phase could signal new highs for Bitcoin in the medium and long term, according to industry experts.
Whale Holdings Reach 670K BTC
Bitcoin’s price swiftly recovered above $67,000 after a 3% drop to $65,200 earlier this week. Despite the price fluctuation, long-term accumulation sentiment among Bitcoin whales remained strong. Verified Bitcoin researcher BaroVirtual highlighted that whale holdings have reached a new peak of 670,000 BTC in 2024, surpassing the previous high from 2020.
BaroVirtual described the current phase as “the calm before the storm,” predicting that the continued whale accumulation is a positive sign for the market’s future. He noted that Bitcoin’s price could trade sideways for a while, but accumulation during this phase often leads to significant demand during a bull market.
Bitcoin’s Parabolic Rise Tied to Whale Activity
The researcher further explained that Bitcoin’s parabolic price movements usually occur when whales start to reduce their holdings, leaving retail investors to absorb the selling pressure. The current accumulation trend mirrors similar activity from 2020 when whale wallets amassed over 1.5 million BTC in a six-month period.
ETF Inflows Boost Bitcoin Recovery
Bitcoin’s recent rise also coincided with a surge in ETF inflows. After seeing a net negative outflow of $79.1 million on October 22, ETF inflows turned positive the following day, reaching $192.4 million. This suggests that institutional investors remain bullish on Bitcoin despite short-term declines.
Bullish Indicators Suggest Further Growth
Independent crypto analyst Moustache pointed out that Bitcoin’s “golden moment” indicator, which has accurately signalled four major bullish trends in the past, has recently turned positive. Technically, Bitcoin has exhibited a V-shaped recovery pattern from the $64,500 level, with further bullish confirmation likely if BTC breaks through the $67,800 resistance level.
As whale accumulation continues, experts believe Bitcoin may soon reach new heights.
