Record-Breaking Bitcoin Whales Hold On Amid $80,000 Drop

Precedent & Market Context

Bitcoin has been experiencing a range-bound market, with prices swinging between $0.052 and $0.041 since Midnight's price prediction in mid-July. A 26% upside potential could be feasible if the range low of $0.041 is defended. The sideways outlook would be invalidated if price falls below the moving averages.

The Record-Breaking Wallets

Santiment reports that the number of wallets holding between 10 and 10,000 BTC has surged to a record 20,338 since mid-July. This figure has been “climbing sharply” despite plenty of BTC price volatility. The analytics firm points out that this group of large holders has historically tracked closely with Bitcoin’s future price direction. More large holders appearing amid volatility suggests these deep-pocketed buyers may be confident in their positions. However, Santiment also cautions that short-term price drops could still happen.

The ETF Puzzle

US spot Bitcoin ETFs saw a net inflow of $175.6 million on October 13, but a net outflow of $261.5 million on October 14. This suggests that ETF buyers aren’t adding consistently, even as wallets appear to be. The selling activity came just before Bitcoin dipped below $80,000, suggesting ETF buyers aren’t adding consistently, even as wallets appear to be. A series of consecutive days with inflows surpassing the $175.6 million recorded on October 13 could indicate inst

The record-breaking number of wallets holding 10 to 10,000 BTC suggests potential buying activity, but the trend may be influenced by transfers and balance splits. The US spot Bitcoin ETFs’ behavior may provide clearer insights soon. The overall effect of the ETF outflow is relatively minor, with the funds still controlling $104.8 billion in net assets.