CandleFocus

Bitcoin whales scoop up BTC like never before as market eyes new highs

Bitcoin whales, or large holders of Bitcoin, have accumulated a record-breaking amount of 670,000 BTC, according to CryptoQuant. This accumulation is seen as a bullish signal and aligns with historical patterns where whale buying precedes major price rallies. The chart tracking whale holdings from 2015 to 2024 shows a significant increase in recent months, indicating strong interest in Bitcoin by large investors. However, Bitcoin's price has been trading within a steady range, suggesting a sideways trend for now. The accumulation phase suggests a positive outlook for Bitcoin, but if new highs are not reached by late November, it could indicate challenges in the bull cycle.

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