The relevant indicators here are the Total Whale Holdings and Monthly % Change, which tracks the total number of coins held by BTC whales and how much it changes over 30 days. This metric offers insight into the sentiment of whales, who are often viewed as the most influential participants in the market.
As observed in the chart above, the total whale holdings witnessed a notable decline in September, with the 30-day % Change spending most of the month in the negative territory. Kesmeci noted that this trend signaled the increased selling activity of the large investors in the past month.
As seen in the price of Bitcoin at the start of October, there seems to be a significant reduction in the downward pressure generated by the whales. Kesmeci concluded that this could also mean a return to the accumulation phase for these market participants, which could mean an upward trend for the Bitcoin price in the short term.
As of this writing, BTC is valued at around $122,345, reflecting no significant price movement in the last 24 hours. While the flagship cryptocurrency has seemingly slowed in the past day, it still boasts an impressive record on the weekly timeframe. According to data from CoinGecko, the price of Bitcoin has increased by almost 12% in the last seven days.
