Bitcoin

With Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price making a run at the $70,000 level, whale wallets are accumulating BTC at a speed which closely resembles July 2020 to January 2021 when Bitcoin rallied by 550%.
According to Woominkyu, a verified author on CryptoQuant, this <a data-ct-non-breakable="null" href="https://x.com/Woo_Minkyu/status/1847116097717416231" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/Woo_Minkyu/status/1847116097717416231">historical trend</a> has investors excited about a potential BTC breakout. As illustrated in the chart below, the Bitcoin whale ratio on spot exchanges is currently similar to the ratio observed around July 2020 after the COVID-induced crash in March.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/01929eef-1815-70ce-a271-63e22d1b6280" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange whale ratio chart. Source: CryptoQuant
 </figcaption>
</figure>
The author indicated that whales continue to accumulate BTC despite short-term price volatility as they are positioning themselves for a long-term price increase. In an<a data-ct-non-breakable="null" href="https://x.com/Woo_Minkyu/status/1847116097717416231" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/Woo_Minkyu/status/1847116097717416231"> X post,</a> Woonminkyu said,
<blockquote>
 “Whales are ready to welcome "FOMO" by dumb money.”
</blockquote>
Previously, Cointelegraph&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-gains-bitcoin-whales-buy-1-5-m-btc-analysis" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reported</a>&nbsp;that whale wallets had accumulated over 1.5 million BTC over the past six months, and each of these wallets represented more than 1,000 BTC, i.e. $68 million at current value.
<h2 id="new-whale-wallets-represent-9-3-of-the-total-supply">New whale wallets represent 9.3% of the total supply</h2>
CryptoQuant CEO Ki-Young Ju, <a data-ct-non-breakable="null" href="https://x.com/ki_young_ju/status/1846556017880146040" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/ki_young_ju/status/1846556017880146040">indicated</a> that new whale wallets with an average coin age under 155 days have also reached a new high of 1.97 million BTC.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/01929f04-96fa-7291-957d-ad49627dd330" title="">
 <figcaption style="text-align: center;">
 Bitcoin new wallets with 1K+ BTC, aged less than 6 months. Source: X.com
 </figcaption>
</figure>
One key difference between these whale wallets and the ones on spot exchanges is that these are non-miner wallets and potentially custodial. Speaking on the net-return of these wallets, Young-Ju mentioned,
<blockquote>
 “Their BTC balance surged 813% YTD, taking up 9.3% of the total supply, valued at $132B today.”
</blockquote>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-gains-bitcoin-whales-buy-1-5-m-btc-analysis" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/btc-price-gains-bitcoin-whales-buy-1-5-m-btc-analysis">Related: BTC price gains 'on horizon' as Bitcoin whales buy 1.5M BTC — Analysis</a>
<h2 id="bitcoin-long-term-holders-may-be-stabilizing">Bitcoin long-term holders may be ‘stabilizing’</h2>
Although whale wallets represent a bullish outlook for the future, long-term holders and miners may continue to add a bit of resistance to BTC’s price. IT Tech, an on-chain analyst on CryptoQuant, <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/6711139ffb0ff075544ce00b-Rally-or-Trap-Long-Term-Holders-and-Miners-Might-Have-the-Answer" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cryptoquant.com/insights/quicktake/6711139ffb0ff075544ce00b-Rally-or-Trap-Long-Term-Holders-and-Miners-Might-Have-the-Answer">shared his thoughts</a> and indicated that long-term holders are potentially stabilizing or taking profits.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/01929f1d-5dbe-7579-968f-edfbacf649b7" title="">
 <figcaption style="text-align: center;">
 Bitcoin long-term holder net position change chart. Source: CryptoQuant
 </figcaption>
</figure>
Meanwhile, miners’ profit sustainability has increased recently, which means they are integrating payment periods, which often correlates with Bitcoin price peaks.
However, the analyst added that short-term holders are shifting towards accumulation, so the market could absorb any form of selling pressure. The analyst said,
<blockquote>
 “Monitoring STH, LTH, and miners is crucial. Shifts here can impact BTC’s next move as the market watches for renewed accumulation or profit-taking.”
</blockquote>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/satoshi-era-bitcoin-whale-moves-over-5-million-2-months" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/satoshi-era-bitcoin-whale-moves-over-5-million-2-months">Related: Early Bitcoin-era whale moves $630K to Kraken, $5.5M in 2 months</a>

Bitcoin whale accumulation mirrors 2020 trend where BTC rallied 550%

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Cointelegraph

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