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    BTC price gains ‘on horizon’ as Bitcoin whales buy 1.5M BTC — Analysis

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    Major Bitcoin investors or “whales” continue to buy Bitcoin despite its price falling below $60,000, accumulating 1.5 million Bitcoins over the past six months, according to CryptoQuant. On the other hand, smaller investors and short-term holders have been selling their Bitcoin, often at a loss. CryptoQuant contributor DarkFost suggests the whales’ buying activity may indicate a potential future rise in Bitcoin’s value.

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    Big Bitcoin players, known as “whales,” keep snagging up Bitcoin even as its price goes below $60,000. These whales have bought a whopping 1.5 million Bitcoin over the past half year, according to CryptoQuant, a cryptocurrency data provider. The data was shared by Axel Adler Jr., a contributor to the platform.

    These Bitcoin whales have been stepping up their game non-stop since March when Bitcoin hit its highest value ever. Their go-to move is to accumulate a lot more Bitcoin in their wallets, and Adler says they’re not slowing down. He notes that whales holding more than 1,000 Bitcoin have scooped up approximately 1.5 million Bitcoin in the last six months.

    On the flipside, smaller whales, holding under 1,000 Bitcoin, have been shedding their Bitcoin in that same time frame. And other types of Bitcoin investors have been selling at a loss, specifically the quick-turnaround traders, known as short-term holders (STHs). They were spotted numerous times selling Bitcoin, at a loss, on exchanges in 2024.

    When Bitcoin value slipped below $60,000 on Oct. 10, Adler shared a chart showing the profit and loss of these short-term holders. He theorizes that it’s these coins being sold that the big whales are gobbling up. It turns out that 24.1K Bitcoins were sold at a loss in just the last 24 hours.

    Well, the big whales might be onto something. DarkFost, another CryptoQuant contributor, thinks the whales’ consistent Bitcoin buy-ups could suggest a possible rise in Bitcoin value in the future. It’s a significant move as both new and existing whales keep bulking up their Bitcoin stash. DarkFost concludes that all signs point to a possible uptick in Bitcoin value in the mid or long term.

    Just a heads up, though – always do your own research before making investment decisions. Every investment comes with its own set of risks!

    Source: Cointelegraph

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