Bitcoin Whales Worth $3.8 Billion Emerge As Price Aims for $21k

Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again. As the US Federal Reserve sent rather hawkish signals during the FOMC presser, causing the S&P500 to plummet by 2.5%, BTC managed to hold above the psychologically important $20,000 mark. Bitcoin Whales Stacking Sats As the on-chain data indicates, whales may be responsible for the recent weeks’ performance. As an anonymous analyst wrote via Twitter, about 9 new addresses with 10,000 to 100,000 BTC have been created on the network since September 20, accumulating about 190,000 BTC worth about $3.8 billion. #Bitcoin | Since Sep. 20, around 9 new addresses holding 10,000 to 100,000 #BTC were created on the network, accumulating approximately 190,000 $BTC, worth $3.8 billion. pic.twitter.com/rkCJEdqtqz — Ali (@ali_charts) November 2, 2022 According to Glassnode data, there are now 104 addresses holding more than 10,000 BTC. In this respect, the arrival of nine new addresses is quite remarkable. Related Reading: On-Chain Data Suggests Bitcoin Bottom Comparable To Previous Cycles Only guesses can be made about the entities or individuals behind the addresses. Thus, it is not clear whether they are new investors investing in BTC for the first time or old friends continuing their accumulation on new addresses....