Whales are continuing to buy Bitcoin and Ethereum.

Bitcoin and Ethereum in an Uptrend

Starting October with volatility, Bitcoin and the general crypto market have shown an upward trend in recent days despite increasing trade tensions. Bitcoin surpassed $111,000, while Ethereum approached $3,900, reigniting investor interest. Among major altcoins, assets such as BNB, XRP, Solana, and Dogecoin continue to trade in positive territory.

Institutional Investors' Optimism

Recent data from CryptoQuant indicates a shift in market dynamics. The record leveraged position liquidations at the beginning of October did not distinctly alter the buying preferences of large investors. Particularly, the group defined as "whales," possessing large amounts of crypto assets, continued to accumulate Bitcoin despite a $19 billion liquidation in the markets.

The Impact of Whales on the Market

CryptoQuant defines whales as investors holding between 100 BTC and 1,000 BTC. Experts note that the increasing accumulation of this group has historically been closely related to upward price momentum. However, the latest report indicates that the annual asset increase of this investor group is assessed at 907,000 BTC, and a cautious outlook prevails in the short term.

Expectations for an Uptrend

Analysts argue that the continuous inflows from exchange-traded funds (ETFs) could create a new upward momentum. Quinn Thompson, CIO of Lekker Capital, stated that the current situation is rare, expressing that “the opportunities for Bitcoin and Ethereum ahead look very similar to the 2024 outlook.” Valter Rebelo, head of digital assets at Empiricus, emphasized the likelihood of Bitcoin achieving a 75% positive return in the next three months.