Bitcoin Whales Bought the Dip – Now They’re Doubling Down on the Rally

Bitcoin breaks higher as large holders accumulate, but Wall Street money has also emerged as a major force behind the rally.

Earlier this week, Bitcoin briefly tapped $87,000 for the first time since January before retracing and stabilizing near $84,000.

But the “smart money” tier has continued to build its positions.

Heavy Accumulation

According to Santiment, Bitcoin’s whale wallets are stepping up accumulation. Wallets holding between 100 and 1,000 BTC have added 113,950 units since July 15. Their total holdings have increased 2.22% to around 5.24 million. Santiment has tracked this wallet group for five years and found that its activity has often aligned closely with the broader crypto market. In the past, periods of heavy accumulation have appeared before or during stronger Bitcoin price moves.

This trend has continued as the crypto asset climbed sharply from mid-August. The data not only indicates that large holders have continued buying during the rally but also shows that the recent surge is not being driven only by retail traders.

The recovery and the subsequent rise in optimism come as Bitcoin cleared an important level after moving back above its 365-day moving average, which was around $80,500. The last time it made a similar move was back in March 2023, when the price later pushed much higher. The latest break could be a sign that the longer-term trend is turning positive.