Cryptocurrency analytics firm Santiment has revealed on social media that bitcoin whales, defined as entities holding between 100 and 1,000 BTC in their addresses, have accumulated a total of 86,700 BTC over the last two weeks.
According to the firm these whales accumulate BTC worth over $4.8 billion at press time in such a short amount of time and now hold 21.3% of the flagship cryptocurrency’s total supply. The accumulation implies they bought the dip expecting a move higher.
The CEO of Valkyrie Investments, Leah Walk, has revealed during an interview she believes the price of the flagship cryptocurrency will move up over the fourth quarter of the year, and disagreed with JPMorgan CEO Jamie Dimon’s opinion on BTC being “fool’s gold.”
Historically, BTC has performed well during the fourth quarter of the year after performing negatively in September, data shows. This year, according to CryptoCompare data, the price of bitcoin dropped from over $50,000 to around $40,000 in September, but has since recovered to now trade above $56,000.
On-chain analyst Will Clemente revealed on social media that 85.1% of the flagship cryptocurrency’s supply hasn’t moved for at least three months, implying most users are HODLing onto their coins as well.
More users holding is often seen as a bullish signal, as it means there’s a smaller supply being sold on exchanges to meet oncoming demand. As demand rises, the price of BTC could move upward due to a lack of supply. In the long run, most appear to be bullish.
As CryptoGlobe reported, the CEO and chairman of blockchain holding company Immutable Holdings, Jordan Fried, has revealed he believes that bitcoin could surpass the market capitalization of gold and hit $1 million per coin in the long run.
Fried revealed he believes Bitcoin is a digital version of gold that could surpass the precious metal’s market capitalization of around $10 trillion and even double it. Per his words, BTC has significant upside potential as it’s “gold 2.0.”