Bitcoin whales have accumulated $90 billion in BTC since May, a period characterized by volatile market conditions. According to Axel Adler Jr.’s open disclosure with CryptoQuant, investors holding over 1,000 BTC saw their balances grow rapidly.

The whale’s appetite is growing

Over the last six months, they have raised approximately 1.5 million BTC, which is a massive capital inflow of approximately 90 billion dollars at an average price of $60,000. However, these tokens came from weaker hands that sold at a loss.

Over the last 6 months, whales have accumulated 1.5 million BTC (over 1,000 BTC in total).

There’s really nothing to discuss here. pic.twitter.com/7cAVWVEK15

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 10, 2024

The data shows a significant raise among whales, which held only 335,000 BTC in early May, when Bitcoin was trading between $60,000 and $65,000. While prices remained in this range, whales continued to accumulate and currently hold approximately 1.9 million BTC, indicating forceful short-term confidence among high-net-worth investors.

Net flow rates of huge holders

The latest data shows that the accumulation frenzy has not subsided despite recent price corrections. For example, yesterday the BTC price dropped below 59,000 for the first time this month. dollars, which led to mass liquidations.

You don’t believe that whales accumulated 1.5 million BTC and you wonder where they got it?

What if we looked at loss-making sales on stock exchanges?

In the last 24 hours, 24.1 thousand were sold at a loss. BTC. pic.twitter.com/tAgeCI6qhe

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 11, 2024

However, huge holders, who make up 0.1% of the circulating supply, earned +629 BTC yesterday. Two days ago, this number was even higher, with an inflow of 2,480 BTC.

Moreover, CryptoQuant statistics indicate that Bitcoin’s exchange reserve has dropped from 2.576 million tokens in early October to 2.571 million tokens, reflecting continued accumulation.

Price prediction and market implications

At the time of writing Bitcoin was settled at $61,690, after losing 1.68% during the week. DMI had a +DI of 18.3 and a -DI of 23.3, a few points higher but steadily failing.

This simply means that despite constant selling pressure, they are somewhat tender. At the current level of -40.74%, Williams’ R is on the neutral side. Therefore, Bitcoin may get stuck in this range until there is forceful buying or selling pressure.

Veteran analyst Peter Brandt maintains that Bitcoin will hit an all-time high of $150,000 this cycle, but warns that an inability to break the current range will cause the price to collapse and drop significantly, at worst by 75%.

Featured image from Pexels, chart from TradingView