Bitcoin remains a dominant player in the financial market as recent whale activity indicates major investors are increasing their stake in the asset. Whales have been adding substantial amounts of Bitcoin even amidst withdrawals from institutional investors, showcasing their strong belief in the long-term value of the cryptocurrency.
According to on-chain data, three large whales have amassed about 2,814 BTC, equivalent to roughly $157 million, from Binance since Sept. 1. The average accumulation price is around $55,887 per Bitcoin, despite price fluctuations. This demonstrates massive whale interest in the asset.
Currently priced at $55,212, Bitcoin is following a descending triangle pattern. While this pattern is often seen as bearish, it could also indicate consolidation before a breakout. With continued whale accumulation, there is a possibility that Bitcoin will reverse its negative trend and start rising again.
Whale inflows suggest that big investors view the decline as an opportunity rather than a time to sell. Although institutional investors have been pulling back slightly, Bitcoin’s resilience and neutral price performance amidst these inflows indicate market stabilization without any significant bearish activity.
If whale accumulation continues, Bitcoin could experience increased liquidity and a stronger push to break out of the descending triangle. This influx of money could lead to heightened volatility and a potential sudden upward movement in the market.