The term "whales" in cryptocurrency refers to those who hold large amounts of Bitcoin. Their trading choices can have a significant impact on market trends, making it important to keep an eye on their movements for accurate Bitcoin market analysis.
BTC Price & Whale Activity
Recent figures show an increase in wallets holding at least 100 BTC. Since 10th October 2024, 1,582 such wallets have been added, marking a 9.9% rise over nine weeks. This surge coincides with Bitcoin’s 77% price jump. At present, BTC/USDT is priced at $1,05,150.47, indicating strong investor confidence.
Whale Profit-Taking & Market Impact
Despite Bitcoin reaching new highs, data shows large holders aren’t selling off their assets as aggressively as before. The realised profit ratio, which tracks profits taken when assets are sold, remains low. This suggests that many expect further price growth and are holding their assets instead of cashing out.
Will BTC Price Stay Bullish?
The ongoing accumulation by whales and their reluctance to take profits point to optimism in the market. A similar trend was seen in 2020, where steady buying by major holders preceded a significant rally. If this continues, the market could stay strong.
Conclusion
To sum up, recent trends show that large holders are confident in Bitcoin’s future. Their increasing positions and low selling activity indicate a positive outlook. However, market conditions can shift, so staying updated is always crucial.