Whales can help keep Bitcoin booming this month

While history has proven October was a boom month for Bitcoin, the last week was nothing short of standout.

Bitcoin hit a new all-time high (ATH) on October 21. The BTC price is up 50.54% and investors have made huge gains with the exception of the last week. However, a certain investor segment profited strongly over the course of the month.

Bitcoin whale

Well, Bitcoin has seen a 7% decline in the past 10 days, but the market appears to be in good shape this month. Given this, the most relevant question seems to be: how does the market work?

Although it is impossible to answer exactly how, we know which beings supported this protest, namely whales.

Addresses with a balance greater than 100 BTC have risen by more than 400 addresses (2.1%) this month. To know how much BTC they bought, one has to look at the address with a balance of 101 BTC, currently worth $ 2.4 billion.

Wallet addresses with more than 100 BTC | Source: Glassnode

Whale optimism brought the number of addresses of this species to the ATH in May. But just as Bitcoin began to consolidate this week, more than 80 addresses dropped out of this group for fear of loss.

Surprisingly, this isn’t the only group to see an increase this month. In fact, as Bitcoin consolidated over the past 10 days, the market saw seven more whales holding at least 10,000 BTC in their wallets. This means the market has added $ 4.3 billion in the last 10 days.

Wallet address with more than 10,000 BTC | Source: Glassnode

Whales weren’t as active in the last quarter as they are now, but one institution that has been bullish this year is MicroStrategy. During the Q3 report, the company added nearly 9,000 BTC, making MicroStrategy the largest publicly traded bitcoin holder in the world at over 114,000 BTC.

Bitcoin’s price consolidation / correction lasting for weeks may have caused many retailers to shed their BTC holdings, but whales managed to absorb the minimal drop in prices.

Bitcoin balance on all exchanges | Source: Glassnode

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