Bitcoin whales continue to thrive, amassing substantial wealth even at prices exceeding $30,000. Their persistent dominance is highlighted by an overbought signal and a surge in the distribution of supplies.
- The overbought trend in BTC persists.
- nearly the past seven days, whales have amassed nearly $600 million in Bitcoin.
It is clear from the events of the last week that Bitcoin [BTC] whales are still actively building up their holdings. This accumulating pattern is continuing, as evidenced by recent data on a chart, even if the price of Bitcoin has remained above $30,000.
Whales amass greater Bitcoin
According to a recent IntoTheBlock analysis, Bitcoin whales continue to add to their holdings. According to the publicly available graphic, users have added 18,924 Bitcoins to their wallets in the last seven days.
The total estimated worth of the Bitcoin that these whales have amassed during this period of time is $650 million.
Furthermore, the chart shows that these whales kept piling up in spite of the price trend’s volatility throughout the previous seven days.
The distribution of Bitcoin supply has increased.
A Santiment chart shows that the distribution of Bitcoin supply reflects the present stockpiling by whales. More specifically, there has been a discernible rise in the 10,000–100,000 BTC area.
The graph showed that after October 23, there was a notable increase in this set of addresses. This group’s supply distribution peaked at about 11.8%, while it started off at about 11.6%.
Though there has been a little decrease as of this writing, the supply distribution is still at 11.8%.
Source: Santiment
Interestingly, despite these metric increases, the total number of BTC holders has not shown any notable growth. The chart illustrated that the overall count of BTC holders remained stuck at around 49 million.
As of the current moment, there may be a minor decrease, but the number still hovers in the 49 million range.
BTC remains in the overbought zone
On its daily period chart, the price of Bitcoin is currently showing a consistent upward trend. Even if there have been slight drops over the last two weeks, it has continuously held a position above $30,000.
It did, however, turn a profit at the end of trade on October 31st, albeit a small one—less than 1%. Moreover, at the moment of writing, Bitcoin was down less than 1%, trading at about $34,400.
Source: TradingView
Furthermore, a very strong bullish trend was indicated by the Relative Strength Index (RSI). When writing this, the RSI line was still above 80.