Whales may have helped Bitcoin stay afloat this month
Even though October proved to be a very beneficial month for Bitcoin, the last week didn’t turn out to be fruitful for the king coin. On 21 October, a new all-time high was marked. The price went up by 50.54% and investors made huge profits except for the last week. However, a certain section of investors benefitted massively throughout the month.
Bitcoin saved by the whales
Well, there was a 7% decline that occurred in the last 10 days. The market seemed to be in a good condition this month. Given this fact, the most pertinent question appears to be- How did the market perform well?
Although the how can’t be precisely answered, however, we do know who kept this rally going – whales.
Addresses with a balance of more than 100 BTC, saw a strong rise this month. Up by 2.1%, this month over 400 addresses were added into this cohort. To know how much BTC was bought by them. One has to consider 101 BTC per wallet which brings the total to $2.4 billion worth of BTC.
Their bullishness led to their figures touching May’s all-time high levels. However, just as Bitcoin went into consolidation this week more than 80 addresses backed out owing to the fear of incurring losses.
Surprisingly, this cohort wasn’t the only one to see a rise this month. In fact, as Bitcoin went into consolidation over the last 10 days, the market saw the return of seven more whales with each holding at least 10 thousand BTC in their wallet. This means that the BTC market had an inflow of an additional $4.3 billion in the last 10 days.
Whales weren’t as active in the last quarter as they are now, however one institution was bullish throughout this year which is MicroStrategy. In their Q3 report, they highlighted in the last quarter the company added almost 9000 BTC which makes MSTR the world’s largest trader corporate owner of BTC with over 114,000 BTC in their holdings.
Bitcoin’s week-long consolidation/price correction might have led to multiple retail traders selling their holdings but whales managed to keep the price fall to a minimum and hopefully as a result BTC could close above $61k this monthSource