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Bitcoin has recently soared above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This notable increase has resulted in Bitcoin climbing by almost 23% from a September low of $53,400 on September 6, pushing many holders into profitability. According to Santiment, this surge has been largely driven by increased activity from whales and sharks, with the on-chain analytics platform identifying a significant accumulation trend among these large holders.
Sharks and Whales Continue to Accumulate Bitcoin
Recent shifts in market dynamics worldwide have propelled Bitcoin back to the forefront of investor portfolios since mid-September. Data from Santiment indicates that Bitcoin’s upward price movement has been significantly supported by increased accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily amassing additional Bitcoin over the past six months. This consistent buying behavior has played a critical role in stabilizing and boosting the price, especially during market corrections when Bitcoin has faced downward pressure.
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Notably, these addresses have accumulated $4.08 billion worth of BTC in the past six months, and their collective holdings currently stand at 16.19 million BTC. Santiment’s data also shows that this accumulation trend gained significant momentum starting in mid-September, just after the Federal Reserve reduced the base interest rate, indicating a renewed wave of confidence among these Bitcoin investors.
Current State of Bitcoin
As noted by NewsBTC, September has always been a crucial month for Bitcoin’s price performance in the last quarter of the year. Interestingly, what initially appeared to be a bearish month for Bitcoin in the first two weeks has now turned out to be a precursor to a potential surge in the last quarter of 2024.
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At the time of writing, Bitcoin is trading at $65,470 and has increased by 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has resulted in spot Bitcoin funds witnessing consecutive days of inflows. Particularly, they received $365.7 million in net inflows in the past 24 hours.
Bitcoin has also seen a notable increase in open interest as investors continue to pile in. According to Coinglass, the Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase in the past 24 hours. As Bitcoin’s price continues to attract attention from traders around the globe, the surge in open interest could act as a catalyst for further price increases.
The next step for Bitcoin’s price is a bullish break above the July high of $70,162. Surpassing this level and maintaining the momentum could pave the way for Bitcoin to easily break into new all-time highs in October.
