Bitcoin whales add 113,950 BTC USD worth $9.6 billion in 10 weeks - is this crypto rally being fueled by b

’s rise has been accompanied by heavy accumulation among some of its largest wallet groups, but the numbers do not necessarily tell the full story.

Wallets with holdings between 100 and 1,000 BTC have accumulated 113,950 BTC since July 15, as per analytics firm Santiment. With Bitcoin’s price at $84,388, the accumulation is valued at $9.6 billion.

Bitcoin (BTC USD) Whales Keep Adding to Their Holdings

The same group increased its Bitcoin holdings by about 2.2%, bringing its combined balance to roughly 5.2 million BTC, worth around $440 billion, as per a 24/7 Wall St report.

Santiment says this wallet group has generally tracked Bitcoin’s price movements more accurately than any other wallet tier over the past five years.

The accumulation continued as Bitcoin moved higher. The cryptocurrency was around $58,500 at the end of June before climbing into the high $70,000s in August and moving above $85,000 on September 21.

When holders sell during a rally, their wallet balance falls. A rising balance, on the other hand, indicates that the holders are continuing to accumulate or maintain their positions.

Whale Wallets Do Not Always Represent Individual Buyers

There is an important limitation when interpreting these figures.