Whale wallets holding between 100 and 1,000 bitcoin have purchased more than 110,000 BTC since mid-July, helping provide strong support for the upward trend.
Major whale wallets holding between 100 and 1,000 bitcoin have continued to accumulate large amounts since mid-July, according to data. The analysis indicates that key investment entities managing substantial capital are supporting bitcoin’s recent rise by steadily absorbing available supply.
According to on-chain data analysis, the group of wallets holding this amount of bitcoin acquired approximately 113,950 additional BTC since July 15. During the same period, the group’s total holdings increased by 2.22% to approximately 5.24 million BTC.
The accumulation activity of this wallet group has historically shown a high correlation with the formation of medium- to long-term trends in the cryptoasset market. Buying by whales holding this amount has frequently been observed just before strong market direction takes shape or while an upward trend is developing.
Market observers say bitcoin’s recent price increase has not relied solely on short-term buying by retail investors, but has resulted from the combination of that activity and sustained buying by whales with sufficient liquidity and capital. Expectations are also growing that prices could continue to rise as available supply in the market becomes concentrated among large entities with a tendency to hold for the long term.