Bitcoin (BTC) has entered the 6th day of low activity while swaying inside a nine-week ascending support level. Its ongoing performance underscored the surged uncertainty following the bearish actions it recorded the previous week.
In most scenarios, dip-pocketed individuals make moves when retailers wait for clarifications on market direction. Probably, assessing whale action in Bitcoin could offer to clarify possible outcomes from the market.
Assessing Institutional Demand
It remains logical to evaluate actions by institutions since they boast massive buying power and have strong market influence. The Purpose BTC ETH holdings remained a dependable indicator for measuring institutional demand. Beware that Purpose BTC ETF holdings have offloaded Bitcoin since August 13.
Nevertheless, it leveled its selling momentum on August 23 and accumulated briefly. Its BTC balance increased by 95 $BTC between August 23 and 24. The BTC amount it added to the balance sheet was worth $2.06 million.
Whales are Scooping
Meanwhile, whales have capitalized on the brief discount that emerged after the previous week’s crash. Also, they have accounted for the selling pressure. Addresses with over 1,000 $BTC reduced their holdings between August 14 and 20.
About eight unique added have contributed within this cohort from August 20 to press time. It’s challenging to quantify BTC that the addresses owned. Nevertheless, only eight wallets with more than 1,000 $BTC mean they control more than $1.6B at present market value.
BTC’s Demand Pressure
Furthermore, BTC’s receiving wallets declined massively between August 19 and 21. That was the peak of last week’s bearish markets. Nevertheless, a piercing pivot emerged the day later, suggesting a massive bullish demand resurgence.
It remains uncharacteristic of whales to purchase when the marketplace stares at more downside. In this context, institutional investors and whales are buying. That could confirm the improving market picture.
However, the trajectory could shift at any time. The market’s volatility might switch to favor bearishness. And that explains the current cautious stance within the industry.
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