Crypto Mania

Bitcoin Whales Rack Up $600M BTC in 7 days – What’s Brewing?

Despite prices above $30,000, Bitcoin whales continue to amass substantial fortune. Their sustained dominance is highlighted by rising supply distribution and overbought indicators.

Whales Amass More Bitcoin

According to a new analysis by IntoTheBlock, Bitcoin whales continue to add to their portfolios. According to the chart, they have added 18,924 BTCs to their wallets in the last seven days.

The total value of Bitcoin collected by these whales throughout this time period is around $650 million.

Furthermore, the data shows that despite the oscillating price trend over the last seven days, these whales continued to accumulate.

Increase in Bitcoin Supply Distribution

The present stockpiling by whales is reflected in the Bitcoin supply distribution, according to a Santiment chart. There has been a significant growth in the area of 10,000 to 100,000 BTCs.

The graph showed a considerable increase in this category of addresses after October 23. Initially, the supply distribution for this group was around 11.6%, but it quickly increased to more than 11.8%.

Although there has been a little decrease as of this writing, the supply distribution continues at around 11.8%.

Surprisingly, despite these metric gains, the total number of BTC holders has not increased significantly. The graphic showed that the total number of Bitcoin holders remained stable at roughly 49 million.

There may be a slight decline at the moment, but the figure remains in the 49 million level.

BTC is still in the overbought zone.

Bitcoin’s current price trend on its daily period chart shows a consistent increase. Despite slight drops over the last two weeks, it has constantly maintained a position above $30,000.

By the end of trading on October 31, it had made a profit, although a little one of less than 1%. Furthermore, at the time of writing, BTC was trading at around $34,400, a decrease of less than 1%.

BItcoin Relative Strength Index (RSI)

Furthermore, the Relative Strength Index (RSI) indicated a strong bullish trend. As of this writing, the RSI line was still above 80.

Source link

X