Bitcoin continues to trade above a critical support zone between $108,000–$111,000, driven by record whale accumulation and trading volumes.
Record-Breaking Whale Holdings Underpin Bitcoin Stability
Bitcoin maintains its price above the critical support zone of $108,000–$111,000. The number of addresses holding over 100 BTC has reached an all-time high of 19,130. These metrics indicate the commitment of major holders to defend this level.
Institutional Pressure vs. Whale Support
ETF outflows totaling $751 million reflect ongoing institutional selling pressure in August. However, the accumulation by whales and on-chain metrics suggest resilience in the face of typical September market struggles.
Historical September Performance Challenges
Historical data shows that Bitcoin's average return in September has been –3.77% since 2013. Experts note similarities with 2017, when recovery ensued after initial weakness.
Thus, despite the pressure from ETF sales, record whale accumulation and supported technical metrics may contribute to Bitcoin's recovery amidst recent market fluctuations.
