Bitcoin Whales Begin To Rise After Plummeting — Bullish Sign for Bitcoin Price?

Core Insights - The number of Bitcoin whales, defined as wallets holding at least 100 BTC, is increasing after reaching a two-year low, coinciding with a slight rebound in Bitcoin's price following a period of decline [1][3][5] - Analysts express caution regarding the early signs of bullish momentum, suggesting they may not indicate a definitive price rebound for Bitcoin [2] Whale Activity - Data from Santiment indicates a 0.47% increase in wallets holding at least 100 BTC since November 11, adding 91 new wallets [3] - Despite the growth in mid-sized whale wallets, larger wallets (those holding over 1,000 BTC) have been decreasing, particularly as Bitcoin's price fell below $90,000 [4][7] - Wallets with more than 10,000 BTC reduced their holdings by approximately 1.5% in October, indicating a trend of larger holders trimming their positions [10] Market Dynamics - Citi researchers estimate that around $1 billion in weekly spot inflows is necessary to raise Bitcoin's price by about 4%, highlighting the liquidity needed to stabilize prices [8] - The decline in whale balances does not necessarily indicate aggressive selling but suggests a reduced influence of major players in the market [9] Price Pressure - As of the reporting time, Bitcoin was trading at approximately $87,300, reflecting a nearly 5% decrease over the past week [11] - Analysts note that short-term holders are capitulating at an aggressive pace, which may lead to a higher binary Coin Days Destroyed (CDD) metric [11] - The ability of Bitcoin to maintain the $80,000–$83,000 demand region is deemed critical to avoid further price breakdowns [13]