Bitcoin Whales Amass 20,000 BTC Since October 1 – What’s in the Works?

Crypto News- Earlier this week, Bitcoin (BTC), the world’s most prominent cryptocurrency, encountered a setback when it failed to breach the $28,000 mark. As of now, it finds itself under significant selling pressure, experiencing a 1.81% decline in its value, with each Bitcoin priced at $27,094. The cryptocurrency’s market capitalization stands at an impressive $528 billion.

Bitcoin Whales Amass 20,000 BTC Since October 1 – What’s in the Works?

Amidst the broader market downturn, Bitcoin has demonstrated a remarkable degree of stability compared to its alternative digital counterparts, known as altcoins. This resilience has allowed Bitcoin to outshine these other cryptocurrencies. Consequently, Bitcoin’s dominance within the overall cryptocurrency market has risen to over 50%. This feat owes a considerable debt to the unwavering accumulation of Bitcoin by large investors, often referred to as “whales,” who continued to amass significant holdings even during the recent week’s market turmoil.

Accumulation by these Bitcoin Whales and institutional investors has been a notable trend. Notably, a well-known figure in the cryptocurrency market Ali Martinez, has highlighted that since the onset of October 2023, these whales have acquired nearly 20,000 Bitcoins, amounting to a staggering total value of $550 million. This suggests a high degree of confidence and long-term commitment in Bitcoin’s future prospects, despite short-term market fluctuations.

Despite ongoing selling pressure, Bitcoin has seen institutional inflows over the past week. Digital asset investment products attracted $78 million in inflows for the second consecutive week, with Bitcoin receiving $43 million of that. Some investors also used the recent price surge as an opportunity to increase their short positions on Bitcoin, resulting in $1.2 million in inflows during the same period.

However, analysts anticipate potential Bitcoin price volatility in the coming months as the mid-2024 halving season approaches. Well-known crypto analyst Rekt Capital suggests that there’s a chance the BTC price could dip to $20,000 before beginning its next bullish phase. It’s essential to consider that persistent inflation concerns going into 2024 may further postpone a significant Bitcoin price rally following the halving event.