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Bitcoin (BTC) sure did have a blast both figuratively and literally during the past month. Additionally, on October 21, BTC hit a new all-time high as its price surged by an impressive 50.54%. This brought in huge gains to investors, though not last week. That said, it is now believed that there’s that one portion of the investment sector that made the most out of it.
Whales do the trick
The cryptocurrency scene saw some good performance in October albeit the fact that there was this seven percent decline during the past 10 days. While it can’t be accurately determined as to how well the crypto market performed last month, financial pundits are pretty certain about one thing – the whales may have kept the bitcoin rally train chugging.
Reports noted that addresses having 100 or more bitcoins rose substantially in October. Further, it was learned that more than 400 BTC addresses were added to this collective.
These whales’ bullishness has resulted in their numbers stepping into BTC’s all-time high back in May of this year. Nonetheless, just as when the granddaddy of tokens delved into consolidation this week, over 80 of these addresses chickened out for fears of incurring losses.
It wasn’t just the bitcoin whales that were noticed in October. It was also observed that during bitcoin’s consolidation over the past 10 days, seven whales with wallets holding at least 10,000 bitcoin have made a comeback, as this translates to the bitcoin market seeing an inflow of another $4.3 billion in the past 10 days.
ALSO READ – BITCOIN COULD WELL HIT 2022 WITH A $150,000 PRICE TAG
MicroStrategy’s bitcoin stash
Notably, only the business intelligence and mobile software company MicroStrategy remained bullish throughout 2021 since bitcoin whales weren’t as active during the last quarter as they are now. Moreover, the firm pointed out during their Q3 report that they added almost 9,000 bitcoin to their stash as such a move made them the world’s largest publicly traded corporate owner of BTC with over 114,000 in their stash.
The week-long consolidation of bitcoin may well seem to have pushed some of the retail traders to sell off their holdings. However, these BTC Whales have managed to avert the price plunge resulting in the said cryptocurrency finishing strong in October.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
