The Bitcoin (BTC) 
$101,226 price has risen above $68,000 after finding support at the $65,500 level. This increase coincides with a surge in the amount of BTC held by whales, reaching a new peak. In just two weeks, the number of wallets holding over 100 BTC has increased by 297, indicating growing confidence in the asset class and suggesting that the recent BTC correction may be behind us.
Increase in Whale Wallets
The ownership of Bitcoin by whales has reached an all-time high, with this group holding over 670,000 BTC. This development could usher in a new wave of optimism among Bitcoin holders.
Crypto analysis platform CryptoQuant noted that when BTC whale ownership turns positive, the price often experiences moderate declines or remains flat. They described this state as calm before a potential storm in the mid to long term.
“The real growth in Bitcoin begins when whales gradually reduce their holdings and reach negative change values.”
Another platform, Santiment, confirmed the emergence of 297 new Bitcoin whale wallets holding over 100 BTC in the last two weeks. Conversely, wallets holding less than 100 BTC have decreased by 20,629. The largest holders have recovered their positions after individual investors engaged in panic selling, which typically leads to bullish market outcomes.
Strong Increase in ETF Flows
ETF flows continue robustly, led by BlackRock’s Bitcoin ETF. BlackRock’s IBIT product has accumulated approximately 30,000 Bitcoin over nine consecutive trading days and currently holds more than 2% of the circulating BTC supply, amounting to 399,355 BTC.
“BlackRock’s iShares Bitcoin Trust (IBIT) now holds over 2% of the circulating $BTC supply.”
Following the rejection of the $69,000 price level, individual investors are adopting a cautious stance regarding the next BTC movement. As Bitcoin attempts to regain lost strength, it must exceed the $69,000 mark to sustain its bullish trend.
Is the BTC Correction Behind Us?
Despite the positive developments in whale wallets, CryptoQuant cautions investors. The firm warned that if Bitcoin cannot establish a new all-time high ahead of the upcoming U.S. presidential elections, there may be significant issues in the current bullish cycle.
“Bitcoin rarely presents recoveries when it is in a strong bull market,” stated Justin Bennett.
Therefore, investors are advised to monitor future developments closely while establishing new positions in Bitcoin.
The increase in BTC held by whales could positively impact the market. However, it is essential for prices to surpass certain levels for sustainable growth. Investors should develop strategies considering the market dynamics.
