Bitcoin has recently rebounded above $68,000 after finding solid support at $65,500, coinciding with a surge in whale holdings that have reached an all-time high.
In just two weeks, the number of wallets holding over 100 BTC has increased by 297, indicating rising confidence in the cryptocurrency and suggesting the recent correction may have ended.
Currently, whale holdings exceed 670,000 BTC, which could signal a positive outlook for Bitcoin investors. CryptoQuant notes that when whale holdings rise, Bitcoin’s price often stabilizes or slightly declines, serving as a precursor to future price movements. They also observed that significant growth for Bitcoin typically occurs when whale holdings decrease to a negative percentage change.
Further analysis from Santiment confirmed the emergence of 297 new whale wallets while smaller wallets (holding under 100 BTC) decreased by 20,629. This trend suggests that larger holders are consolidating their assets, historically a bullish indicator.
Additionally, Bitcoin ETFs are experiencing strong inflows, particularly BlackRock’s Bitcoin ETF, which has accumulated nearly 30,000 BTC over nine consecutive trading days, now holding over 2% of the total circulating supply.
Despite the recovery, retail investors are cautious after Bitcoin’s recent rejection at the $69,000 level. To maintain upward momentum, it needs to surpass this price point.
CryptoQuant cautions that if Bitcoin fails to reach a new all-time high around the upcoming U.S. presidential elections—expected in late November—it could indicate challenges in the current bullish cycle. Analyst Justin Bennett also highlighted that genuine bullish trends usually do not offer many retracements, which is currently not the case.
Strategy Inc. (NASDAQ: MSTR) has announced the launch of its fourth perpetual preferred stock offering, marking a new phase in the company’s ongoing efforts to expand its Bitcoin treasury holdings.
According to new data shared by Bitcoin Magazine Pro, publicly traded companies now collectively hold over 844,822 BTC, valued at more than $100.5 billion, marking a historic milestone for institutional Bitcoin adoption.
Trump Media and Technology Group, the parent company of Truth Social, Truth+, and Truth.Fi, has officially disclosed that it now holds approximately $2 billion in Bitcoin and Bitcoin-related securities.
Michael Saylor’s Strategy has confirmed another major Bitcoin purchase, acquiring 6,220 BTC last week for approximately $739.8 million.