Bitcoin addresses holding 1,000–10,000 BTC have resumed accumulating coins.
Rich crypto investors are turning their attention back to Bitcoin (BTC) as its price continues to eye a breakout move above $50,000.
Crypto-focused newsletter Ecoinometrics reported positive changes in Bitcoin holdings for addresses controlling 1,000–10,000 BTC. So, based on their rising account balances throughout August, Ecoinometrics spotted a renewed accumulation sentiment among “whales,” hinting that wealthy investors consider the current Bitcoin price levels as attractive to place bullish bets.
The sentiment appeared the same among small fish — Bitcoin investors who hold less than 1 BTC. Ecoinometrics reported that they have been accumulating Bitcoin since June and, during a period, have also absorbed the selling pressure coming from the whales’ side. Their buying sentiment coincided with a price rally to $50,000, a key psychological resistance level.
Blockchain analytics platform Glassnode also reported a spike in buying sentiment among small fish. In detail, the number of addresses holding at least 0.1 BTC reached a three-month high of 3,231,069 on Monday, further validating the accumulation data above.
the BTC/USD exchange rate has been consolidating under the said resistance level since Friday. In doing so, the pair have also found interim support above $47,000, which, more or less, has been coinciding with a 20-day exponential moving average floor.
Small fish have accumulated Bitcoin relentlessly in the $40,000–$50,000 range, with no signs of trend reversals in the previous 30 days. On the other hand, whales underwent a capitulation period when Bitcoin entered the $45,000–$50,000 range.