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Bitcoin whales join ‘small fish’ in buying BTC as price holds above $47K

Published 08/30/2021, 07:00 AM
Updated 08/30/2021, 08:40 PM
Bitcoin whales join ‘small fish’ in buying BTC as price holds above $47K
BTC/USD
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BTC/USD
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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.

Bitcoin accumulation trend vs. price levels. Source: Ecoinometrics
Number of Bitcoin addresses holding over 0.1 BTC. Source: Glassnode
Bitcoin UTXO realized price distribution. Source: Glassnode
BTC/USD daily price chart featuring the 20-day EMA support. Source: TradingView

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