Bitcoin whales have accumulated $90 billion in BTC since May, a period marked by range-bound market conditions. According to a public disclosure by CryptoQuant’s Axel Adler Jr., investors holding more than 1,000 BTC have seen their balances grow rapidly.
Whales' appetite increases
Over the past six months, they have accumulated around 1.5 million BTC, representing a massive inflow of around $90 billion at an average price of $60,000. However, these tokens came from weaker hands who sold at a loss.
The data shows a significant increase in the number of whales, who held just 335,000 BTC in early May when Bitcoin was trading between $60,000 and $65,000. While the price has remained in that range, whales have continued to accumulate and now hold around 1.9 million BTC, indicating strong short-term confidence among high-net-worth investors.
Netflow Index of Large Holders
Recent data shows that accumulation has not cooled down, despite recent price corrections. For example, yesterday, BTC fell below $59,000 for the first time this month, leading to massive liquidations.
However, large holders, representing 0.1% of the circulating supply, took in +629 BTC yesterday. Two days ago, the figure was even higher, with an inflow of 2,480 BTC.
Furthermore, CryptoQuant statistics indicate that Bitcoin exchange reserves have decreased from 2.576 million tokens at the beginning of October to 2.571 million tokens, reflecting ongoing accumulation.
Price Prediction and Market Implications
As of this writing, Bitcoin is pegged at $61,690 after losing 1.68% for the week. The DMI has the +DI at 18.3 with the -DI at 23.3, a few points higher but consistently falling.
This simply means that despite the persistent selling pressure, it remains weak. As it currently stands at -40.74, the Williams %R is neutral. From there, Bitcoin could be stuck in this range until strong buying or selling pressure emerges.
Experienced analyst Peter Brandt believes Bitcoin will hit an all-time high of $150,000 this cycle but warns that failure to break out of the current range will see the price crash and fall sharply, at worst 75%.
