Are Bitcoin Whales Back in Accumulation Mode? The Data Speaks

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So Bitcoin‘s been on a tear in October, which, fine, I guess. The month that pretends it invents a bullish streak every year. The market slows, then suddenly everyone gets optimistic again-astonishing, isn’t it? Now the on-chain chatter says whales might be shifting gears. accumulation? Could be. Or maybe they just lost their wallet and found it again. Either way, the data shows something might be happening, and we’re all pretending not to care. 😒💸

Are BTC Whales Getting Behind ‘Uptober’?

On-chain analyst Burak Kesmeci took to X to reveal that Bitcoin whales are repositioning since the start of October. The big holders, who helped drag September down, are apparently rebalancing in the largest cryptocurrency market. Rebalancing? Sure, who doesn’t love a good rebalancing-right after lunch, maybe.

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 a peek into the sentiment of whales, who are often viewed as the most influential participants in the market. Great, so we’re all just looking at the whale mood ring now. 🐋📈

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 increased selling activity by the big players. Ah yes, the classic September swoon-sells, then leaves town, and we all pretend it was a strategic move. 🙄

The on-chain analyst mentioned that this selling wave put downward pressure on Bitcoin’s price, 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. They’re letting the car idle, basically. Relax, they’re not auditioning for a sprint.

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. So, in other words, the suspense is back. Great news for the drama club. 🫣

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. Amazing how a week can feel like a lifetime in this market, right?

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2025-10-05 14:53