Despite the fact that October was a very profitable month for Bitcoin, the last week was not fruitful for the king coin. On October 21, a new all-time high was set. Except for the last week, the price increased by 50.54 percent, and investors profited handsomely. However, a subset of investors benefited significantly throughout the month.
Bitcoin saved by the whales
Well, there was a 7% decline that occurred in the last 10 days. The market seemed to be in a good condition this month. Given this fact, the most pertinent question appears to be- How did the market perform well?
Although the how can’t be precisely answered, however, we do know who kept this rally going – whales.
Addresses with a balance of more than 100 BTC, saw a strong rise this month. Up by 2.1%, this month over 400 addresses were added into this cohort. To know how much BTC was bought by them. One has to consider 101 BTC per wallet which brings the total to $2.4 billion worth of BTC.
Surprisingly, this was not the only cohort to see an increase this month. In fact, as Bitcoin has been consolidating over the last 10 days, the market has seen the return of seven more whales, each of whom has at least 10,000 BTC in their wallet. This means that the Bitcoin market has received an additional $4.3 billion in the last ten days.
Whales were not as active in the fourth quarter as they are now, but one institution has been bullish all year: MicroStrategy. According to their Q3 report, the company added nearly 9000 BTC in the last quarter, making MSTR the world’s largest trader corporate owner of BTC, with over 114,000 BTC in their holdings.
Bitcoin’s week-long consolidation/price correction might have led to multiple retail traders selling their holdings but whales managed to keep the price fall to a minimum and hopefully as a result BTC could close above $61k this month