When we look at the events of the past week, it is stated that Bitcoin (BTC) whales are still actively accumulating. Despite Bitcoin’s price staying above $30,000, the latest data on the chart shows that this accumulation trend continues.
Analytical Company Report
According to a recent report by IntoTheBlock, Bitcoin whales continue to support their portfolios. The shared chart shows that 18,924 BTC has been added to their wallets in the past seven days. The value of the Bitcoin accumulated by these whales during the specified time period reaches approximately $650 million. Moreover, the chart shows that these whales continue to accumulate despite the fluctuating price trend in the past seven days.
According to the graph of analytical company Santiment, the current accumulation of whales is reflected in the distribution of Bitcoin supply. Additionally, there has been a noticeable increase in the range of 10,000 to 100,000 BTC. The graph shows a significant increase in this address group after October 23. Initially, the supply distribution for this group was around 11.6%, but it has now risen above 11.8%.
Although a slight decrease occurred at the time of writing, the supply distribution remained at around 11.8%. Despite the metric increases, the total number of BTC holders did not show significant growth. The graph shows that the overall number of BTC holders remained around 49 million.
Predictions for the Future of Bitcoin!
Currently, there may be a small decrease, but the number still remains in the range of 49 million. The current price trend on the daily time frame chart of Bitcoin indicates a sustained upward trend. Despite experiencing minor declines in the past two weeks, it consistently maintained its position above $30,000.
On October 31, it managed to achieve a profit of less than 1%, albeit small-scale. Additionally, as of now, BTC was trading at around $34,400 with a decrease of less than 1%. Furthermore, the relative strength index (RSI) signaled a very strong upward trend. At the time of writing, the RSI line remained above 80.
