U.Today – Noteworthy insights are beginning to emerge from the ecosystem that may explain recent activities in space. Analysis of Bitcoin whale activity has revealed intriguing details. In a post on X, Ki Young Ju, founder and CEO of CryptoQuant, states that the modern whales currently hold 1.97 million Bitcoins.
Institutional influence is growing
According to Young Ju, each of these modern whales holds over 1,000 BTC in ETFs and custodial wallets. Interestingly, the average asset holding period for these whales is less than 155 days. HODLers have been on the market for about five months now.
Additionally, whale portfolios appear to belong to institutional investors, custodians or companies, rather than retail traders. The wallets’ lack of connection to exchanges or mining operations clearly demonstrates this assumption.
Despite an average HODLing of five months, the whales engaged in aggressive Bitcoin accumulation. A look at their balance sheet shows an astronomical 813% year-to-date growth in 2024 alone.
Some market observers believe that the German government’s bitcoin offloading may have provided the opportunity for some of these massive accumulations.
The Bitcoin held in these wallets is valued at approximately $132 billion at the current market price. Overall, whales hold 9.3% of the total Bitcoin supply. The data indicates that the actions of these whales may have an impact on the broader market.
Impact on the market and investor sentiment
At the time of writing, data shows that Bitcoin has corrected to $67,624.48, up 2.87% in the last 24 hours. The asset briefly broke the $68,000 resistance level after reaching $68,135 in earlier trading. Investors remain hopeful and expect further gains if the momentum continues.
Given the control of these whales and the possible impact on the market, investors are hopeful that they will be able to achieve a feasible sales quota. It is worth noting that experts say that if the whales decide to sell due to the price rebound, they could crash the price of Bitcoin, which appears to be the Uptober rally.
