Bitcoin (BTC) Whales 'Scoop Up' 40,000 Units as Retail Investors Depart

▲ Bitcoin (BTC) Whale

While individual investors continued to observe from the sidelines, Bitcoin (BTC) whales accumulated over 41,000 BTC in just ten days. A clear on-chain divergence between large investors and retail investors has emerged, fueling expectations for a future price rebound.

According to financial news outlet Benzinga on September 30 (local time), on-chain analytics firm Santiment announced that wallets holding between 10 BTC and 10,000 BTC accumulated 41,025 BTC over the past 10 days. The total holdings of this whale group increased to 13.64 million BTC, representing 67.93% of the total Bitcoin circulating supply. This figure marks the highest level since the mid-August rally. Santiment pointed out that Bitcoin and the broader cryptocurrency market tended to show strength when large holders engaged in accumulation, whereas continuous selling increased downward pressure on prices.

Conversely, retail investors appear to be pulling back, not chasing Bitcoin's recent rebound. Wallet balances holding less than 0.01 BTC remained largely stagnant. Santiment analyzed that if a scenario forms where whales continue to accumulate while retail investors sell, upward momentum could be further strengthened. In the past, retail capitulation has often served as a strong buying opportunity, signaling a market bottom. However, the current accumulation divergence does not unconditionally guarantee a price increase.

Technical analyst Kevin identified the $77,000 to $83,000 range as a critical turning point for the short-term price trajectory. Kevin predicted that if Bitcoin defends the $77,000 to $83,000 support zone, a rally towards $93,500 to $100,000 could unfold before encountering strong resistance. Conversely, if the support breaks, the $67,000 to $75,000 range could become the next accumulation zone.

The stablecoin dominance indicator was also cited as a variable that could determine market direction. Kevin noted that Tether dominance is testing around 6%, a key support level. If the dominance indicator breaks below this support, it could bolster Bitcoin's renewed attempt at $100,000. Conversely, if it rebounds, an early correction phase could ensue. Kevin added that Bitcoin's higher time frame structure supports an ascending pattern of higher lows rather than new cycle lows.

[Article Key Summary]

-Whales holding between 10 BTC and 10,000 BTC accumulated 41,025 BTC over the past 10 days.

-The proportion of whale wallet holdings reached 67.93% of the total supply, but retail investors maintained a wait-and-see attitude.

-If the $77,000 to $83,000 support level is defended, a resumption of the $100,000 rally is anticipated.

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