New Bitcoin whales hold 1.97 million BTC, potentially impacting market with 813% surge year-to-date

From Investing.com

October 16, 2024 3:30:24 pm:

New insights into the cryptocurrency ecosystem shed light onto recent market activities. Bitcoin whales holding 1.97 million Bitcoin have been identified. These new whales hold over 1,000 BTC each in custodial wallets and ETFs, with an average holding period of 155 days.

The wallets belonging to these whales are linked to institutional investors, custodians, or companies, not retail traders. Despite holding onto Bitcoin for five months, they have aggressively accumulated the asset with an 813% surge year-to-date.

Whales currently hold approximately $132 billion worth of Bitcoin, representing 9.3% of the total supply. Their actions could significantly impact the broader market, with Bitcoin price currently at $67,624.48, experiencing a 2.87% rise in the past 24 hours.

Investors are optimistic about a further price increase, but remain cautious about potential whale sell-offs. Experts warn that these whales could crash the price if they decide to sell during what is being dubbed as an Uptober rally.

Read more at Investing.com: 1.97 Million BTC Held by New Bitcoin Whales: Details By U.Today