Bitcoin whales have accumulated approximately 20 thousand BTC ($550 million) since the beginning of October.
Crypto analyst and data expert Ali Martinez pointed out whale activity since the beginning of October 2023. Martinez announced that whales have accumulated approximately $550 million worth of BTC in the last 11 days.
The ultimate purpose of the whales, who have accumulated 20 thousand BTC since the beginning of October, is not yet known. However, many crypto commentators think whale activity could be a bullish sign.
Bitcoin (BTC) whales and institutional appetite
Leading cryptocurrency Bitcoin (BTC) fell nearly 2 percent after bouncing off the $28,000 resistance earlier this week. BTC, which spent the day in the 27 thousand dollar region, increased fears that the bear market might intensify. However, the data in question may highlight a possible bullish preparation.
According to Ali Martinez’s post based on Santiment data, there was a significant increase in whales’ accumulations in October. Taking advantage of the price drop, whales bought 20 thousand BTC ($550 million).
#Bitcoin whales have purchased around 20,000 $BTC since the beginning of October, worth roughly $550 million! pic.twitter.com/47ZePiaIII
— Ali (@ali_charts) October 10, 2023
Although BTC continued its downward trend, it consolidated its leadership on the dominance side. BTC’s dominance approached the 52 percent level.
On the other hand, there was also an increase in corporate entries. $78 million inflow occurred into digital asset products (ETFs, ETPs, etc.). BTC’s share in these products was 43 million dollars.
Analysts expect volatility for BTC as the halving, which will take place in 2024, approaches. Popular crypto analyst Rekt Kapital claims that BTC will drop to $20k before the next bull.
