Bitcoin whales pile up amid market uncertainty, aiming for $40,000-$45,000 surge By Investing.com

Investing.com | Editor Nikhilesh Pawar

Published November 18, 2023 at 11:11 a.m. ET

NEW YORK – Amid recent market turmoil, significant Bitcoin holders, often referred to as “whales,” have increased their holdings to a one-year high. Analysis from IntoTheBlock found that addresses holding over 1,000 BTC reached a high of 7.67 million BTC on Thursday following the collapse of FTX affiliates Alameda Research and Genesis.

Continuing this trend, data from IntoTheBlock showed on Friday that both the balances of these whale accounts and the Bitcoins held by long-term investors, so-called holders, rose to new highs. Such moves are typically interpreted by market analysts as indicators of strategic buying during bear markets or as early signs of a possible bull market.

Today, the price of the cryptocurrency reflects the market’s optimism. Bitcoin approached the $38,000 mark but experienced a slight decline and stabilized at around $36,459. Despite this decline, US traders remain optimistic. Their positions in futures markets and bullish call options on Deribit in December suggest they believe Bitcoin’s value could rise to $40,000 to $45,000.

This accumulation by whales and positive sentiment from traders comes at a critical time for the cryptocurrency market, which has been rocked by the recent collapses and liquidity crises that have affected key industry players. As the market navigates these challenges, the actions of major investors and the broader trading community will be closely watched for clues about Bitcoin’s future trajectory.

This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.

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Written by: Investing.com