BTC Price Gets ‘On The Horizon’ As Bitcoin Whales Buy 1.5M BTC – Analysis

Bitcoin whales continue to “buy the dip” as BTC price weakness has seen it slip below $60,000.

Data from onchain analytics platform CryptoQuant, uploaded by investor Axel Adler Jr. X on October 11, shows that whales have accumulated 1.5 million bitcoins (BTC) in the past six months.

Bitcoin Well Stock: “Nothing to Discuss Here”

Bitcoin whales are wasting no time in increasing their BTC exposure – a trend that has been in place continuously since March's all-time highs.

Analyzing well-known wallets that are not miners or centralized exchanges, Adler confirmed the obvious strategy employed by large-scale investors.

“1.5M BTC has been accumulated by whales (with >1K BTC balance) in the last 6 months,” he said.

“There's really nothing to discuss here.”

Adler admitted that some small whales – less than 1,000 BTC – were sold during the same period.

Zooming into the recent price action, CryptoQuant reveals that other segments of Bitcoin investors were also selling at a loss.

In particular, Bitcoin speculators, known as short-term holders (STHs), frequently sold the coins on exchanges in 2024.

As BTC/USD slipped below $60,000 on October 10, Adler uploaded STH's Profit and Loss (P&L) chart on trades to exchanges. He explained that the big whales were feeding on these coins. Don't believe whales have accumulated 1.5M BTC and wonder where they got it from? How do you look at a loss-making sale on exchanges?” He wrote.

“24.1K BTC sold at a loss in the last 24 hours.”

STH components that hold a fixed amount of BTC for up to 155 days are known for their reactionary buying and selling feature.

BTC price volatility in one direction can result in a group buying or selling quickly, as shown by their reaction to Bitcoin's recent trip to $66,000.

A whale boom could precede a “possible upward move” for BTC price.

Still, CryptoQuant contributor DarkFost says the whale stock between $54,000 and $68,000 is “significant.”

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“New whales are entering the game and stocking up strongly, while existing whales are increasing their position,” he concluded in a Quicktake blog post.

“In general, we're seeing all whales stocking up in this price range. Their rising scales suggest that an upward move may be on the horizon in the medium to long term.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.