Bitcoin whales buy $940 million in BTC, signaling bullish reversal

  • Whales or large wallet holders (holding 100 to 10,000 BTC) added 20,000 BTC to their holdings as the price dropped below $50,000.
  • Companies with Bitcoin on their balance sheet now account for 8% of the asset's circulating supply.
  • MicroStrategy, a publicly traded business intelligence company, accumulated $177 million worth of Bitcoin during the dip.
  • Hedge funds are bullish on Bitcoin with end-of-year prediction of $100,000.

Bitcoin network activity continues to climb despite a drop in price below $50,000. Institutions are bullish on the asset and keep purchasing BTC when the price plummets. 

Analysts expect bullish reversal in Bitcoin

Bitcoin wallet addresses holding 100 to 10,000 Bitcoin have accumulated $940 million worth of Bitcoin over the past 24 hours, as the price remains range-bound below $50,000. Activities of large wallet investors are considered indicative of future price trends. Accumulation by large wallets signals that whales have a bullish outlook on the asset. 

Large wallet investors have accumulated 20,000 more BTC.

Large wallet investors have accumulated 20,000 more BTC.

Another indicator of an upcoming Bitcoin trend reversal is institutional interest in Bitcoin. MicroStrategy, a business intelligence firm, purchased an additional 3,907 BTC at an average rate of $45,000. Adding $177 million worth of BTC, the corporation holds $2.9 Billion in Bitcoin at an average purchase price of $26,769.

Interestingly, data from Bitcoin Treasuries shows that companies that put Bitcoin on their balance sheet now control 8% of the asset's circulating supply (1.66 million BTC). The firm has considered the portfolio of publicly traded companies, private firms, ETF-like offerings and governments. This does not account for BTC that belongs to institutions and is inaccessible or lost, implying that the percentage of their combined BTC holdings could be higher.

A crypto trading simulator platform, Crypto Parrot, surveyed 55 crypto hedge funds to ascertain their year-end prediction for Bitcoin. The platform concluded that 65% of the hedge funds are bullish, and 21% maintain that BTC will trade between $100,000 and $150,000 by the end of 2021. 

In the short term, analysts expect further consolidation ahead of the bullish trend reversal. According to FXStreet analysts, Bitcoin targets $57,000 despite the ongoing downtrend. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast