Data Shows Bitcoin Price Is Being Propped Up By Whales' Buying Spree.
30 Oct 2021, 08:00
Data Shows Bitcoin Price Is Being Propped Up By Whales’ Buying Spree
Market participants are flocking into positions as the crypto market rallies to higher highs. Bitcoin is one of the cryptocurrencies that has taken the lead in the recent run-up, fueled by massive buying pressure from whales. According to a report by Kraken exchange, whales have been accumulating bitcoin and are not ready to sell just yet.
Whales Are Leading The ChargeKraken noted that a supply shock coupled with whale accumulation has set the stage for the continuation of the strong uptrend that started in early October. Bitcoin whales — addresses holding over 100 bitcoins — have increased their collective holdings by circa 0.25% since early this month to reach $720 billion, per the findings of Kraken.
In addition, more whales have joined the bitcoin network within that period, with a notable 1.6% rise in the number of wallets that hold over 100 coins. While considering that these whales hold millions in BTC, the significant spike in buying pressure appears to have translated into prices.