Bitcoin News

Bitcoin Whales Worth $3.8 Billion Emerge As Price Aims for $21k

Bitcoin Coinbase Premium Gap

Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again.

As the US Federal Reserve sent rather hawkish signals during the FOMC presser, causing the S&P500 to plummet by 2.5%, BTC managed to hold above the psychologically important $20,000 mark.

Bitcoin Whales Stacking Sats

As the on-chain data indicates, whales may be responsible for the recent weeks’ performance. As an anonymous analyst wrote via Twitter, about 9 new addresses with 10,000 to 100,000 BTC have been created on the network since September 20, accumulating about 190,000 BTC worth about $3.8 billion.

According to Glassnode data, there are now 104 addresses holding more than 10,000 BTC. In this respect, the arrival of nine new addresses is quite remarkable.

Only guesses can be made about the entities or individuals behind the addresses. Thus, it is not clear whether they are new investors investing in BTC for the first time or old friends continuing their accumulation on new addresses.

Since these are only addresses, multiple addresses could also possibly belong to one entity. One pattern in recent weeks, however, stands out. While demand from the Asian market has dropped significantly, American investors are stepping in and accumulating Bitcoin.

The Coinbase Premium Gap (14DMA) shows that since July 28, 2022, the main interest has come from U.S. traders, although the BTC price has been unstable and has been dropping repeatedly.

Coinbase Premium Gap. Source: CryptoQuant

Another analysis by Whalemap reveals that whales have been buying Bitcoin in the range between $19,000 and $19,400 amplified. The analytics firm estimates the accumulation by whales in September to be around 120,000 BTC. Therefore, this zone should also serve as the closest support.

Whales accumulating Bitcoin at 19k. Source: Whalemap

Has The BTC Price Bottomed?

As NewsBTC reported, one of the leading on-chain data analysis firms, Glassnode, recently released a report stating that a number of metrics make a relatively consistent argument that the Bitcoin market has hit a bottom. According to the research, the…

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