Whales Accumulate 1.5 Million BTC in Anticipation of a Rally

Investors holding more than 1,000 BTC have amassed an additional 1.5 million coins over the past six months, noted CryptoQuant analyst Axel Adler Jr.

1.5M BTC has been accumulated by whales (with >1K BTC on balance) over the last 6 months.

There’s really nothing to discuss here. pic.twitter.com/7cAVWVEK15

— Axel ?? Adler Jr (@AxelAdlerJr) October 10, 2024

“There’s really nothing to discuss here,” commented the expert.

He confirmed that smaller investors have been selling bitcoins during this period. However, when asked about the timing of the cryptocurrency rally, the analyst replied:

“You should ask the bull traders when they plan to pump bitcoin.”

As digital gold dipped below $60,000 on the evening of October 10, Adler Jr revisited the source of whale purchases. He highlighted the periodic increase in loss-making sales by short-term holders (less than 155 days). In his view, these coins are primarily being acquired by accumulating players.

Don’t believe that whales accumulated 1.5M BTC and wonder where they got it from?

How about taking a look at the loss-making sales on exchanges?

In the last 24 hours, 24.1K BTC were sold at a loss. pic.twitter.com/tAgeCI6qhe

— Axel ?? Adler Jr (@AxelAdlerJr) October 11, 2024

“In the last 24 hours, ~24,100 BTC were sold at a loss,” the analyst emphasized.

CryptoQuant contributor known as Darkfost also pointed to “notable whale activity in the $54,000-$68,000 range.”

? Potential Major Move Incoming for $BTC!!@cryptoquant_com data#Bitcoin #whales are showing significant activity in the $54K to $68K range.

New whales are entering the game and accumulating strongly, while existing whales are also increasing their positions.
Overall, we’re… pic.twitter.com/85zK4E9cmG

— Darkfost (@Darkfost_Coc) October 10, 2024

“Overall, we see that all whales (existing and new) are accumulating in this price zone. Their growing balance suggests that a potential upward move could begin in the near, medium, or long term,” the expert vaguely added.

Earlier, QCP Capital suggested that rising geopolitical tensions in the Middle East could push bitcoin down to $55,000.

CEO of Lekker Capital, Quinn Thompson, urged investors to seize the opportunity to buy during the dip.