On October 13, 2024, Bitcoin whales have amassed $90 billion in Bitcoin (BTC) since May, accumulating 1.5 million BTC during a period of range-bound market conditions. Investors holding over 1,000 BTC increased their holdings from 335,000 BTC in early May to approximately 1.9 million BTC, reflecting strong confidence among high-net-worth individuals.
Despite recent price corrections, large holders continue to accumulate, netting +629 BTC yesterday, with a peak of 2,480 BTC two days prior. Current data shows Bitcoin’s exchange reserve has decreased from 2.576 million to 2.571 million tokens in October, indicating ongoing accumulation.
As of now, Bitcoin is trading at $61,690, down 1.68% for the week. Analysts suggest that while there is potential for Bitcoin to reach an all-time high of $150,000, failure to break out of the current range could lead to a drastic price drop of up to 75%.