Bitcoin whale wallets holding 100 to 1,000 BTC have added 113,950 units since July 15, according to Santiment, pushing their combined holdings up 2.22% to around 5.24 million BTC. The buying has continued through a rally that took bitcoin above its 365-day moving average for the first time since March 2023, with $88,000 to $90,000 now the next level to watch.
Whales keep buying through the rally
Bitcoin briefly touched $87,000 for the first time since January earlier this week before retracing and stabilizing near $84,000. Yet the "smart money" tier has kept building positions rather than taking profit.
According to Santiment, wallets holding between 100 and 1,000 BTC have added 113,950 units since July 15, lifting their total holdings 2.22% to around 5.24 million BTC. Santiment has tracked this wallet group for five years and found its activity has often aligned closely with the broader crypto market. In the past, periods of heavy accumulation have appeared before or during stronger price moves.
The trend has continued as bitcoin climbed sharply from mid-August. The data shows large holders have kept buying during the rally, and it suggests the recent surge is not being driven only by retail traders.
Bitcoin clears a key long-term level
The recovery and the rise in optimism come as bitcoin moved back above its 365-day moving average, which sat around $80,500. The last time it made a similar move was in March 2023, when the price later pushed much higher, and the latest break could signal the longer-term trend is turning positive.
Bitcoin also climbed through a heavy supply zone between $76,000 and $81,000. The next area to watch is $88,000 to $90,000, where a large amount of BTC is concentrated, making it the next major test for the rally.
A softer cycle ahead, one analyst says
Still, the current cycle may not produce the extreme swings bitcoin became known for previously. CryptoQuant founder Ki Young Ju expects the current cycle to bring a 3-to-5x rally, rather than another huge 10x surge. He said he sees a softer bear market ahead, adding that the growing market and rising institutional interest are reducing extreme price swings.
Source: CryptoPotato
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