- Bitcoin whale addresses holding over 1,000 BTC noted an uptick, reaching its highest level since August 2022.
- The massive spike in large wallet addresses either signals whales’ confidence in BTC price or an upcoming shift in Bitcoin price trend.
- Bitcoin price inches closer to the support zone where 1.62 million BTC addresses added 706,870 BTC to their holdings.
Bitcoin price noted a small uptick in its price after dipping into the support zone between $38,064 and $40,796. Bitcoin wallet addresses holding over 1,000 BTC climbed to 1,510, highest level since August 2022.
BTC price is $41,707, at the time of writing.
Bitcoin sees uptick in whales
According to data from Glassnode, the number of addresses holding over 1,000 BTC has hit its highest level since August 2022. The total has reached 1,510. An increase in the number of large wallet addresses either signals a rise in traders’ confidence on Bitcoin or whales are likely positioning themselves for a shift in BTC price trend.
Bitcoin: Number of Entities with Balance greater than 1,000 BTC. Source: Glassnode
Bitcoin traders recently realized $885 million in profit on BTC acquired between three and six months ago, at an average price of $26,000, according to Glassnode data. Traders netted a profit above 57%. If the profit-taking streaks of BTC traders continues, it is likely that whales take profits on their BTC holdings, increasing the selling pressure on the asset.
According to CryptoQuant data, Bitcoin is in the distribution phase and the asset is not distrbited to retailers fully. A short-term correction in BTC price is likely, according to CryptoQuant founder Ki Young Ju. The expert believes Bitcoin is currently in a long-term bull market cycle until there is a complete distribution of the asset.
Bitcoin realized cap and distribution. Source: CryptoQuant
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.