- Despite Bitcoin's dip below $95K, whales added 63,922 BTC in November, showing strong confidence in its future.
- Large holders now control 94.7M BTC, continuing to accumulate despite recent market fluctuations.
- The steady buying by whales signals long-term bullish sentiment, even during temporary price corrections.
The price of Bitcoin went below $95,000 this week worrying many investors. Santiment data, however, encourages them to keep adding to their holdings at a rather amazing speed. Notably, in November alone, wallets with at least 10 BTC added 63,922 BTC, or roughly $6.06 billion. This consistent buying activity underscores the confidence of large holders despite recent price fluctuations.
Large Holders Maintain a Strong Accumulation Streak
Since early November, wallets with over 10 BTC have significantly increased their Bitcoin holdings. This accumulation trend has been visible in Santiment's recent data, which highlights consistent upward movement in holdings by these large wallets. Furthermore, the overall BTC supply in wallets holding 10 or more coins now totals approximately 94.7 million BTC.
Source: Santiment
Additionally, the pace of accumulation has intensified this month. These holders seem unfazed by the short-term price corrections. Notably, their steady acquisitions suggest an expectation of future price recovery and growth.
Accumulation Trend Continues Amid Market Volatility
The graph indicates a notable rise in holdings during the third week of November, despite Bitcoin’s price volatility. Moreover, these acquisitions highlight the conviction of whales and sharks to reinforce their positions. This trend not only reflects the strength of their belief in Bitcoin’s long-term trajectory but also contributes to overall market stability.
Moreover, Santiment's analysis emphasizes that large holders remain unshaken by the temporary retracement. Consequently, their activity serves as a potential bullish indicator for the market. The sustained accumulation of whales and sharks is a significant market signal. Hence, while Bitcoin’s price briefly dipped below $95,000, their actions suggest a short-lived downturn. As their holdings continue to rise, a bullish case for Bitcoin remains intact.
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