Bitcoin

<h2 id="quick-take">Quick Take</h2>
Bitcoin has been witnessing an exceptional accumulation across all cohorts in Oct. 2023, a trend that has not been seen this year.
CryptoSlate’s analysis on Oct. 19 unearthed that this <a href="https://cryptoslate.com/insights/bitcoin-accumulation-hits-highest-level-since-july-signaling-bullish-trend/" rel="noopener noreferrer nofollow">accumulation reached its zenith</a> in July, right before Bitcoin began its upward trajectory from $30,000. This data underscores the strong confidence and active participation among Bitcoin holders irrespective of the size of their holdings, from less than one Bitcoin to over 10,000 BTC.
<img class="aligncenter size-full wp-image-369929" src="https://cryptoslate.com/wp-content/uploads/2023/11/new-acc.png" alt="" width="1254" height="532" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/new-acc.png 1254w, https://cryptoslate.com/wp-content/uploads/2023/11/new-acc-300x127.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/new-acc-1024x434.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/new-acc-768x326.png 768w" sizes="(max-width: 1254px) 100vw, 1254px">
Additionally, the Bitcoin ecosystem has observed a significant resurgence of ‘whales’ – unique entities holding at least 1,000 BTC. This group’s behavior almost mirrors the price movements of Bitcoin.
Data from 2022 reveals a drop in the number of whales from 1,600 BTC to 1,450 BTC, concurrent with Bitcoin’s price plunge from $60,000 to $15,000, indicating whales were possibly selling off due to profit-taking or rising fear.
However, 2023 paints a different picture, with a steady climb in the number of whales from 1,400 BTC to 1,500 BTC, suggesting increased confidence and likely anticipation of a positive market movement.
Upon taking a broader perspective, it becomes evident that these ‘whales’ represent astute investors. They strategically accumulate and increase their holdings during bear markets and proficiently offload Bitcoin during bull markets.
<figure id="attachment_369927" aria-describedby="caption-attachment-369927" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-369927" class="wp-caption-text">
 Number of entities with balance &gt;1K: (Source: Glassnode)
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The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/resurgence-of-bitcoin-whales-signals-confident-market-movement/">Resurgence of Bitcoin ‘whales’ signals confident market movement</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Resurgence of Bitcoin ‘whales’ signals confident market movement

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