Analysis platform Santiment: Bitcoin holdings in 100+ whale wallets reach a new high, is there a chance to reach ATH directly?

Despite the recent volatile market conditions, there hasn't been a clear bullish trend. Retail investors are starting to lose patience and questioning if the bull market has ended. However, the upcoming news might excite the bulls as over the past month, whales have continued to accumulate BTC, with the number of wallets holding over 100 BTC reaching a 17-month high.

Addresses Holding 10 to 10,000 Bitcoins Accumulated 133,300 Bitcoins in a Single Month

The blockchain analysis platform Santiment stated in a post on August 31 that as of August, the number of Bitcoin wallets holding over 100 BTC surpassed 283. They mentioned, "While the cryptocurrency prices have disappointed retail investors, the number of Bitcoin whales is increasing. In just one month, the number of wallets holding at least 100 BTC has increased by 283. Currently, there are 16,120 such whale wallets, reaching a new high in 17 months."

Meanwhile, the "sharks" holding over 10 BTC have also been increasing their holdings. Santiment stated, "Bitcoin's price at the time of the post is $58,900, which is still good for whale and shark holders. In the past month, wallets holding 10-10K BTC collectively accumulated 133,300 Bitcoins, while smaller traders continue impatiently selling their Bitcoins to them."

August 28 Marks a Turning Point for Whale Behavior: Last Time Whales Bought in Bulk, Bitcoin Reached an All-Time High

The CEO of Blockstream, Adam Back, pointed out the key price level precisely, stating that since Bitcoin's price dropped from over $62,000 on August 28 to around $58,000, whales have been buying frantically. He explicitly stated, "Since the 28th, whales on Bitfinex have been buying 450 BTC daily."

Continuing the narrative of impatient retail traders continuously selling to the whales, cryptocurrency analyst Axel Adler Jr. also mentioned in a post on September 1, "For a whole month, short-term holders (1 to 3 months) have been trading at a loss. " He indicated that in the current bull market, the profit/loss ratio for short-term holders has not dropped below -17%, currently at -8%. If it continues to decline, the number of people willing to sell tokens at a loss may double." and directly pointed out that as the price drops below entry points, retail traders may feel selling pressure.

Although retail traders may be feeling the pressure, Vivek Sen, founder of Bitgrow Lab and a journalist at Bitcoin Magazine, compared the bull market of 2020 with the current trend, stating, "The last time whales bought in bulk, Bitcoin reached a new all-time high." He also mentioned that the increase in whale activity could be a positive signal for the market.

Historically, a large amount of whale buying often precedes Bitcoin hitting a new all-time high.