Bitcoin Whales Begin To Rise After Plummeting — Bullish Sign for Bitcoin Price?

BTC-USD +3.06% SAN-USD -0.74%

Key Takeaways

• Bitcoin whale wallets are rising again.

• Large Bitcoin holders have been declining for months.

• Analysts say defending the $80,000–$83,000 region is crucial.

The number of Bitcoin whales holding at least 100 BTC is beginning to rise again after slipping to the lowest level in more than two years, according to new on-chain data.

It comes after a slight rebound in Bitcoin’s price after weeks of decline, which had raised concerns of a looming bear market.

However, market analysts caution that early signs of bullish momentum may not be a reliable indicator of a clear rebound for Bitcoin’s price.

Whale Numbers Tick Higher

Fresh data from Santiment shows renewed growth among wallets holding at least 100 Bitcoin.

Since Nov. 11, the number of these mid-sized whales has increased by 0.47%, adding 91 such wallets.

Santiment analysts said that while small wallets, particularly those holding 0.1 BTC or less, continue to contract, larger entities have started re-entering the market following Bitcoin’s early-November decline.

The firm added that retail capitulation typically precedes more favourable long-term price performance.

“Retail capitulation will generally play out well for crypto prices in the long run,” Santiment wrote on X.

Earlier Decline

The uptick follows several months of contraction among Bitcoin’s largest holders.

Wallets controlling over 1,000 BTC have been shrinking steadily, a trend that deepened as Bitcoin slipped below $90,000 last week.

Citi researchers estimated that roughly $1 billion in weekly spot inflows are typically required to lift Bitcoin by about 4%.

The bank said that weaker demand in recent weeks has drained the liquidity normally needed to stabilize prices.

Analysts noted that falling whale balances do not necessarily imply aggressive selling, but they do point to a reduction in the influence of Bitcoin’s biggest players.

Bitfinex researchers also reported that wallets with more than 10,000 BTC trimmed about 1.5% of their holdings in October.

Bitcoin Price Under Pressure

At the time of reporting, Bitcoin was trading at around $87,300, down nearly 5% over the past week.

According to CCN analyst Victor Olanrewaju, short-term holders have been “capitulating at an unusually aggressive pace,” pushing binary CDD (Coin Days Destroyed) metrics higher.

He said the rapid exit of weak hands, combined with steady buying activity in lower accumulation zones, may signal an early transition into.

Olanrewaju said Bitcoin’s ability to defend the $80,000–$83,000 realised-demand region will be critical in preventing another breakdown.

“However, rising buying pressure could invalidate this bearish setup,” he wrote.

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