The number of Bitcoin (BTC) wallets holding at least 100 BTC jumped to 15,970, with more potential accumulation on the horizon.
Santiment data confirmed this growing accumulation by Bitcoin whales. The chart pins this high number to this year’s largest single-day increase in these wallets.
Notably, on Saturday, this category of holders added 115 new wallets. According to the behavior analytics platform, the market has observed a 5.3% jump in the price of Bitcoin since Oct. 13, coinciding with this increased accumulation.
? #Bitcoin's number of wallets holding at least 100 $BTC has jumped to 15,970 after the largest single day jump of 2023 on Saturday. Since this accumulation, $BTC's price is +5.3%, and they may not be done. We will continue to monitor. https://t.co/l0drhvkf7E pic.twitter.com/0mDAmys7N4
— Santiment (@santimentfeed) October 18, 2023
Bitcoin Accumulation Bucket
There is a correlation between the growing Bitcoin whale count and the accumulation price point. Market analyst Ali Martinez highlighted this in his recent post on X. He pointed out that the $25,000 and $30,000 price levels are where top institutional investors like MicroStrategy and Tesla acquired their assets.
Most people, especially institutional investors like @saylor @MicroStrategy & @elonmusk @Tesla, bought #Bitcoin between $25K & $30K, making this a crucial demand bucket in $BTC history.
So when they tell you "It's too late to buy #BTC" or "Wait for $20K," please ignore them! pic.twitter.com/B6rGtYidY6
— Ali (@ali_charts) October 18, 2023
As one of the first mega Wall Street firms to buy Bitcoin, Tesla reported in February 2021 that it purchased $1.5 billion worth of the cryptocurrency. Though the average price per BTC stacked remains undisclosed, Ali Martinez believes it falls within this $ 25k to $30k region.
MicroStrategy’s latest purchase featured 5,445 BTC acquired for approximately $147.3 million at an average price of $27,053 per Bitcoin. The company’s total holding is now 158,245 BTC purchased at an average price of $29,582 per Bitcoin.
Ali labeled the $25,397.66 to $30,889.04 level on the chart as a “Crucial Demand Bucket” in Bitcoin’s history. He urged investors not to think it is too late to buy the coin or to wait for a drop to $20,000, per many forecasts.
Tesla and MicroStrategy Holding Strong
Since the 2021 acquisition of Bitcoin, Tesla has sold off about 75% of its Bitcoin holdings, but in recent quarters, the company has not initiated any selloffs.
This past third quarter makes the 5th consecutive quarter the company will be holding firmly to its 9,720 BTC. This holding valuation is now worth $274.7 million, computed per the $28,265 price of Bitcoin at the time of writing.
MicroStrategy, known for the most aggressive institution purchase of Bitcoin has revealed no immediate plans to sell its holdings.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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