Bitcoin whale balances have increased by about 60,000 BTC since late August, and large investors’ move after the price recovery is drawing attention as a factor in whether the rally can continue.
According to CryptoQuant data that excludes exchange and mining pool addresses, Bitcoin whales’ total balance rose from about 2.94 million BTC at the end of August to nearly 3 million BTC. The roughly 2% net increase brought balances close to their highest levels of the year.
However, the timing of this increase matters. Balances declined during September, then rose rapidly in late September and early October. In other words, large investors increased their Bitcoin holdings after the initial price recovery.
Why does it matter that whales are joining the recovery?
The analysis suggests that whales holding more BTC as the price rises could help absorb selling pressure in the market. If this trend continues, it could limit the impact of profit-taking and support the recovery’s transition into a more sustained rally.
The fact that the 30-day average balance is also rising suggests the change is not limited to a recent daily spike. However, the total balance has edged down slightly from its recent peak.
What signs should be watched for the rally to continue?
The main test in the period ahead will be whether whales hold on to their increased balances while the price moves sideways or pulls back. Continued balance growth during pullbacks, stronger spot demand, and limited BTC transfers from whales to exchanges could strengthen the accumulation narrative.
On the other hand, because wallet reorganizations or addresses changing hands between different investor groups can also affect this metric, the 60,000 BTC increase in balances alone does not prove that the same amount was bought on the spot market.
Not investment advice.