Following the most recent short-term price increase for Bitcoin (BTC), it would seem that whales have returned to the market, accounting for major transactions that have likely influenced the digital asset’s value.
Since September 27, addresses that held between 100 and 10,000 Bitcoin have added a combined 46,173 BTC back to their wallets over the previous week. This comes as significant Tether (USDT) stablecoin holdings have decreased, per data from behavior analysis platform Santiment on October 5.
The platform noted:
“Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022.”
Interestingly, the move in the last week marks the most extended Increase in holdings since May 2022; at the same time, Tether whale supply is falling while Bitcoin whale supply has been rising, which could suggest large-scale buyers have seen a bottom in the market.
However, crypto skeptic Peter Schiff disagrees with this outlook suggesting that Bitcoin trading sideways at $20,000 is ‘a false sense of security.’
Bitcoin holders continue to rise despite the bear market
It’s worth mentioning that the number of Bitcoin holders has been steadily rising amid a crypto bear market despite whales only recently showing signs of accumulation.
Investors in the broader crypto space continue to find solace in BTC as a store of value as they HODL the digital commodity. As of September 27, the number of Bitcoin holders has been growing in the last year, adding over 4.5 million new holders.
Finbold also reported in September that 47% of Bitcoin holders remain in profit despite BTC’s 60% price drop in 2022, suggesting that many Bitcoin investors are not fazed by the ongoing bear market.
Despite Bitcoin whales accumulating and BTC continuing to add new holders, the flagship digital asset is nearing a year-long downtrend on the weekly timeframe. As things stand, Bitcoin is trading at $20,149, up 0.99% on the day, as well as growing by 7.59% across the previous seven days, as per CoinMarketCap data retrieved by Finbold on October 5.
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