From 24/7 Wall St. · Sam Daodu · · 1m 50s
Whales Bought 86,702 Bitcoin in Three Weeks
Bitcoin whales accumulated 86,702 BTC over three weeks but price dropped 3.9% as small holders sold coins.
In brief
Bitcoin whales accumulated 86,702 BTC over three weeks but price dropped 3.9% as small holders sold coins. Bitcoin whales bought 86,702 BTC in three weeks but price fell 3.9% due to small holders selling coins. Originally reported by 24/7 Wall St..
Bitcoin Whales Accumulated 86,702 BTC
Bitcoin whales, wallets holding between 10 and 10,000 coins, accumulated 86,702 BTC over the past three weeks.
Santiment Reports $7 Billion Value
According to on-chain analytics firm Santiment, this amount is valued at roughly $7 billion at current prices.
Largest Exchange Outflow in Seven Months
Santiment reported a net outflow of 24,073 BTC, about $2 billion, from exchanges in a single day.
Price Drops 3.9% Despite Activity
Bitcoin is trading at $81,416 as of October 8, down 3.9% over the past week.
Whale Data Tracks Wallets, Not Buyers
Santiment analyzes blockchain addresses but one person can manage multiple addresses, inflating whale numbers without new purchases.
Small Holders Sold Coins Whales Bought
Wallets holding less than 0.01 BTC took profits during Bitcoin’s recent rise, selling coins whales bought.
Bitcoin ETFs Pulled $487 Million
Spot Bitcoin ETFs saw investors withdraw about $487 million on October 7, with BlackRock’s iShares Bitcoin Trust leading with $208 million.
Price Fell 5% After Insights
Since Santiment shared these insights on October 6, Bitcoin’s value dropped around 5%, falling from approximately $85,500.
Why Whales Aren’t Lifting Price
Bitcoin whales aren’t lifting the price because their buying activity shows up in wallet balances, while price is driven by order books and ETFs.
Market Conditions for Price Change
If exchange balances keep declining, small wallets hold on to coins, and ETF flows turn positive, whale buying could start influencing price.
In short
Bitcoin whales bought 86,702 BTC in three weeks but price fell 3.9% due to small holders selling coins.
