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As reported by crypto analytics agency Santiment, Bitcoin's price at the moment seems attractive enough for whales to accumulate. Large holders of the cryptocurrency, whose wallets range in size from 100 to 10,000 BTC, have added 46,173 BTC to their balance since Sept. 27.
🐳 #Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10k $BTC have collectively added back 46,173 BTC back to their wallets as large $USDT holdings have dropped. https://t.co/v6oUduVux1 pic.twitter.com/8JGDC0g5a9
— Santiment (@santimentfeed) October 5, 2022
In the chart above, you can see how, as the supply of USDT falls on the balance of these wallets, the supply of Bitcoin simultaneously goes in the opposite direction. That said, the increase in the Bitcoin supply on these balances has been going on the longest since May.
This data correlates nicely with information previously presented by Santiment, where spikes in the trading volume of stablecoins preceded the fall in cryptocurrencies' prices. At the moment, however, Bitcoin trading volume has been rising steadily since July, which could mean an increasingly strong compression of the "spring."
Current situation around Bitcoin
Since Bitcoin whales began actively gaining positions, the price of the cryptocurrency has risen by over 5.5%, but at one point, the growth was nearing 7%. The main question now is whether the buyer will be able to break out and consolidate above the $20,500 level. In case of success on BTC, we should expect growth, where the first resistance will be $20,800-$21,600. In the second case, there will be a pullback from $20,500 and a plunge downwards.
Vladislav Sopov