In recent weeks, a new dynamic has been observed among major Bitcoin holders. The number of wallets with more than 100 BTC has reached its highest level in 17 months, indicating a resurgence of interest from large investors.
Increase in Whale Wallets
The number of Bitcoin wallets containing more than 100 BTC has reached a level not seen in 17 months. In August, over 283 wallets crossed this symbolic threshold, bringing the total to 16,120. Large Bitcoin holders, often called “whales,” collectively accumulated more than 133,000 BTC in a month, estimated at over 7.6 billion dollars. Adam BACK, CEO of Blockstream and inventor of Hashcash, noted that whales are buying 450 BTC per day since the price drop on August 28th, which corresponds to the daily production of newly mined bitcoins.
Harbinger of Market Reversal
The buying frenzy of whales comes in a mixed market context, as reflected by the Crypto Fear & Greed Index, which remained in the “Fear” zone at 26 for most of August. If the current trend continues, the number of people willing to sell their coins at a loss could double. Additionally, it could create favorable conditions for continued accumulation by whales, who seek to take advantage of weak prices to increase their positions. The increased activity of the whales could be a positive indicator for the market, reminding that significant purchases by these players have historically preceded new peaks for Bitcoin.
Market Sentiment Analysis
The sudden increase in whale wallets, such as the 2000 BTC accumulated in 4 days, indicates a strategic move by major market players, potentially in anticipation of a price rise. However, the overall market sentiment is marked by fear, which could offer additional opportunities for savvy investors.
The analysis shows that major Bitcoin holders are renewing their interest in cryptocurrency amid market fear. Their active accumulation could herald a new bullish trend for Bitcoin.
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