Preparing for Bitcoin's Bull Market? Increase in BTC Holdings Among 'Whales' and 'Sharks'

Are we on the brink of a Bitcoin bull market? Learn about the significant increase in BTC and USDT holdings among large stakeholders, commonly known as 'whales' and 'sharks.'

Our deep dive explores key contributing factors like the upcoming 2024 Bitcoin halving and growing anticipation for a physical Bitcoin ETF, setting the stage for potential price surges.

Surge in BTC and USDT Holdings Among Whales and Sharks

Cryptocurrency analytics firm Santiment reported on September 29, 2023, that there is a noticeable increase in BTC holdings among large stakeholders, often referred to as 'whales' or 'sharks.'

According to the report from Santiment, the accumulation of BTC among these groups has reached its highest level in 2023, amounting to '13.03 million BTC.'

Likewise, the Tether (USDT) accumulation by these whales has also reached '15.03 billion USDT.'

The report specifies that the current level of USDT accumulation is the highest in the past six weeks and suggests that these data points generally indicate a bullish trend.

Additionally, on October 6, 2023, it was reported that the momentum in BTC accumulation among whales and sharks is increasing.

Wallets holding between 1 and 10,000 BTC have seen their BTC accumulation reach the highest level since January 2022, totaling '15.2 million BTC.'

Why is Whale Accumulation on the Rise?

Several factors are considered to be contributing to the increase in Bitcoin accumulation among whales. One of these is the 'upcoming halving in 2024.'

There is also growing anticipation for the approval of a physical Bitcoin ETF. The next Bitcoin halving is expected to occur around April 2024, and if a physical ETF is approved, substantial funds managed by institutional investors are expected to flow into the Bitcoin market.

These overlapping events could potentially lead to a significant rise in the price of Bitcoin.

Whales, who own a large number of cryptocurrencies, tend to accumulate coins during bear markets and sell them off during bull markets.

Recently, there has been an increase in opinions predicting the arrival of a 'full-fledged bullish market,' and many are even forecasting that BTC could surpass 80,000 USD. Therefore, close attention is being paid to future movements.