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The price of Bitcoin has been on a tear so far in October, taking advantage of the bullish history of the month. While the premier cryptocurrency appears to have slowed down—as has the entire market—over the weekend, there is even greater optimism that the coin’s price is destined to reach new highs this month. According to the latest on-chain data, relevant market participants known as whales seem to be changing their strategy, which could further benefit BTC’s price in the coming weeks.
Are BTC Whales Getting Behind ‘Uptober’?
On-chain analyst Burak Kesmeci took to the social media platform X to reveal a shift in the behavior of Bitcoin whales since the start of October. According to the crypto pundit, the large holders, who were partly responsible for the weak performance in September, are now repositioning in the largest cryptocurrency market.
The relevant indicators here are the Total Whale Holdings and Monthly % Change, which tracks the total number of coins held by BTC whales and how much it changes over 30 days. This metric offers insight into the sentiment of whales, who are often viewed as the most influential participants in the market.
Source: @burak_kesmeci on X
As observed in the chart above, the total whale holdings witnessed a notable decline in September, with the 30-day % Change spending most of the month in the negative territory. Kesmeci noted that this trend signaled the increased selling activity of the large investors in the past month.
The on-chain analyst mentioned that this selling wave put downward pressure on the price of Bitcoin, as it struggled to mount any significant rally in September. However, Kesmeci clarified that the BTC whales appear to be taking their foot off the gas, reducing their selling activity in recent days.
As seen in the price of Bitcoin at the start of October, there seems to be a significant reduction in the downward pressure generated by the whales. Kesmeci concluded that this could also mean a return to the accumulation phase for these market participants, which could mean an upward trend for the Bitcoin price in the short term.
Bitcoin Price At A Glance
As of this writing, BTC is valued at around $122,345, reflecting no significant price movement in the last 24 hours. While the flagship cryptocurrency has seemingly slowed in the past day, it still boasts an impressive record on the weekly timeframe. According to data from CoinGecko, the price of Bitcoin has increased by almost 12% in the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView
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