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NewsBTC 2021-10-13 17:00:28

Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders

Whales have not stopped accumulating bitcoin. Current trend patterns suggest that bitcoin whales who hold between 100 to 1,000 BTC remain very bullish on the digital asset’s prospects. The slow month of September had seen the asset suffer dips and crashes which brought the price down to the $40K trading range. However, whales had used this as an opportunity to increase their holdings at a low price. Bitcoin wallets holding between 100 and 1,000 had continued to add to their balance and by the end of September, these wallets had accumulated a collective total of 85.7K BTC. In today’s prices, this amount would total $4.76 worth of BTC accumulated by whales while retail investors panicked sold their holdings. These whale addresses have also held on their bags through the long-suffering month of September. Whales Increase Their Hold On Circulating Supply As bitcoin whales accumulate more coins, the amount of the total circulating supply of bitcoin that they hold has also increased. Current numbers put the total supply of BTC held by these whale wallets at 21.3% of the total circulating supply of the asset. This number represents a new record for wallets holding between 100 and 1,000 BTC on their balances. Related Reading | Number Of Bitcoin Active Entities Grows 19% To Hit 2020 Bull Levels, Set Up For New Highs? In addition to buying, whales are also holding. 2021 marked a record number of diamond hands (long-term holders) in...

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